A.M. Best Upgrades Issuer Credit Rating of AES Global Insurance Company
December 05 2018 - 10:12AM
Business Wire
A.M. Best has upgraded the Long-Term Issuer Credit Rating
(Long-Term ICR) to “bbb+” from “bbb” and affirmed the Financial
Strength Rating of B++ (Good) of AES Global Insurance Company
(AGIC) (Burlington, VT). The outlook of these Credit Ratings
(ratings) is stable.
The upgrade of the Long-Term ICR reflects AGIC’s balance sheet
strength, which A.M. Best categorizes as strong, as well as its
strong operating performance, neutral business profile and
appropriate enterprise risk management. The rating upgrade also
reflects the parent’s, AES Corporation (AES Corp.) [NYSE: AES],
continued improved business profile.
The ratings reflect AGIC’s continued favorable operating trends
and risk-adjusted capitalization, sound risk management
capabilities with a focus on sustaining improving 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. 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 they 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 17 countries.
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 a global rating agency and information provider
with a unique focus on the insurance industry. Visit
www.ambest.com for more information.
Copyright © 2018 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Fred EslamiAssociate Director+1 908 439 2200,
ext. 5406fred.eslami@ambest.com
Susan MolineuxAssociate Director+1 908 439
2200, ext. 5829susan.molineux@ambest.com
Christopher SharkeyManager, Public Relations+1
908 439 2200, ext. 5159christopher.sharkey@ambest.com
Jim PeavyDirector, Public Relations+1 908 439
2200, ext. 5644james.peavy@ambest.com
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