A.M. Best Upgrades Credit Ratings of AES Global Insurance Company
November 08 2017 - 9:40AM
Business Wire
A.M. Best has upgraded the Financial Strength Rating to
B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to
“bbb” from “bbb-” of AES Global Insurance Company (AGIC)
(Burlington, VT). The outlook of these Credit Ratings (ratings) is
stable.
The rating upgrades reflect AGIC’s continued favorable operating
trends and adequate risk-adjusted capitalization, sound risk
management capabilities with a focus on sustaining good
capitalization, underwriting performance and conservative balance
sheet strategies. The ratings also consider AGIC’s important role
as a single-parent captive and the implied support provided by its
parent, AES Corporation (AES Corp.) [NYSE: AES]. AGIC is a
core element of AES Corp’s overall risk management program, which
utilizes the captive as an integral part in this process. AES Corp.
continually evaluates the use of AGIC for other risk management
objectives of the group as those arise.
AGIC is wholly owned by AES Corp., a global power company that
owns a diverse and growing portfolio of electricity generation and
distribution businesses operating in 16 countries.
Partially offsetting these positive rating factors is AGIC’s
exposure to large losses due to the policy limits offered, its
limited market scope and limited business profile being solely
dependent on the parent company’s business opportunities for its
growth prospects.
A.M. Best remains the leading rating agency of alternative risk
transfer entities, with more than 200 such vehicles rated in the
United States and throughout the world. For current Best’s Credit
Ratings and independent data on the captive and alternative risk
transfer insurance market, please visit www.ambest.com/captive.
This press release relates to Credit Ratings that have been
published on A.M. Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings. For information on the proper media use of Best’s
Credit Ratings and A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating
Services, Inc. and/or its subsidiaries. ALL RIGHTS
RESERVED.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171108005981/en/
A.M. BestAlexander Sarfo, +1 908-439-2200, ext.
5779Senior Financial
Analystalexander.sarfo@ambest.comorGary A Davis, +1
908-439-2200, ext.
5665Directorgary.davis@ambest.comorChristopher
Sharkey, +1 908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy, +1
908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
AES (NYSE:AES)
Historical Stock Chart
From Aug 2024 to Sep 2024
AES (NYSE:AES)
Historical Stock Chart
From Sep 2023 to Sep 2024