Articles from AM Best

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Golden Bear Insurance Company (GBIC) (Stockton, CA).

AM Best has assigned a Long-Term Issue Credit Rating of “bbb” (Good) to the recently issued $300 million, 4.7% senior unsecured notes, due October 2030, of Horace Mann Educators Corporation (Horace Mann) (headquartered in Springfield, IL). The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of Horace Mann and its subsidiaries are unchanged.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of The Dai-ichi Life Insurance Company, Limited (DL) (Japan), the wholly owned operating subsidiary of Dai-ichi Life Holdings, Inc. (DLH). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.

AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of the operating subsidiaries of The Fortegra Group, Inc. (Fortegra) (headquartered in Jacksonville, FL). Fortegra is a wholly owned subsidiary of its publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. The property/casualty (P/C) operating subsidiaries of Fortegra include Lyndon Southern Insurance Company (Wilmington, DE); Insurance Company of the South (Athens, GA); Response Indemnity Company of California (Redondo Beach, CA); Blue Ridge Indemnity Company (Wilmington, DE); Fortegra Specialty Insurance Company (Scottsdale, AZ); and Fortegra Europe Insurance Company SE (Malta). These companies are collectively referred to as Fortegra P&C Group. Furthermore, AM Best has placed under review with positive implications the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Fortegra Belgium Insurance Company NV (Belgium).

AM Best has commented that the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of DB Insurance Co., Ltd. (DBI) (South Korea) remain unchanged following the announcement of its acquisition of The Fortegra Group, Inc (Fortegra) on 26 September 2025.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Fortegra Insurance UK Ltd. (FIUK) (United Kingdom). Concurrently, AM Best has placed these Credit Ratings (ratings) under review with positive implications.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Sura Re Ltd. (Sura Re) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating of A (Excellent) of Solunion Seguros, Compañía Internacional de Seguros y Reaseguros S.A. (Solunion) (Spain). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of Grupo Mexicano de Seguros, S.A. de C.V. (GMX) (Mexico City, Mexico). At the same time, AM Best has affirmed GMX’s Mexico National Scale Rating of “aaa.MX” (Exceptional) with a stable outlook.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of Swiss Reinsurance Company Ltd (Switzerland) and its rated operating affiliates, all subsidiaries of Swiss Re Ltd (Swiss Re). At the same time, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) on the debt and the indicative Long-Term IRs on securities available under Swiss Reinsurance Company Ltd.’s debt issuance programme. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)

AM Best has affirmed the Financial Strength Ratings (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of the main rated insurance subsidiaries of Zurich Insurance Group Ltd (Zurich) (Switzerland). At the same time, AM Best has affirmed the Long-Term ICR of “a+” (Excellent) of Zurich (a non-operating holding company). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb” (Good), and the Vietnam National Scale Rating of aaa.VN (Exceptional) of BIDV Insurance Joint Stock Corporation (BIC) (Vietnam). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) of Farmers New World Life Insurance Company (FNWL) (Bellevue, WA). At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Farmers Reinsurance Company (Farmers Re) (Woodland Hills, CA). The outlook of these Credit Ratings (ratings) is stable.

AM Best will sponsor and exhibit at InsureTech Connect Vegas 2025 at the Mandalay Bay Convention Center in Las Vegas, Oct. 14-16, 2025. Conference attendees can visit booth 550 to receive information about AM Best and how our products and services can empower insurance professionals:

AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to B (Fair) from C++ (Marginal) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb” (Fair) from “b” (Marginal) of Wolverine Insurance Company (Wolverine) (Dowagiac, MI). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) of The Doctors Company, An Interinsurance Exchange (Napa, CA) and its core subsidiaries, which collectively comprise The Doctors Company Insurance Group (TDC or TDC Group). See below for a list of companies.

In the past 30 days, Best’s Review readers have been most interested in the following insurance news coverage:

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Rembrandt Insurance Company, Ltd. (Rembrandt) (Bermuda), a captive (re)insurer of Vitol Holding B.V. (Vitol), a group engaged in the trading of energy-related products. The outlook of these Credit Ratings (ratings) is stable.

AM Best will host a market briefing on the state of the U.S. property/casualty and global reinsurance industries in conjunction with the American Property Casualty Insurers Association’s (APCIA) Annual Meeting, on Monday, Oct. 6, 2025, at 2 p.m. EDT at the JW Marriott Orlando, Grande Lakes in Orlando, FL.

AM Best has revised the outlooks to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of the members of Grinnell Mutual Group (Grinnell). The outlook of the FSR is stable. (See below for a listing of the companies.)

AM Best has affirmed the Performance Assessment (assessment) of PA-3 (Strong) of First Indemnity Insurance Agency, Inc. (First Indemnity) (Boston, MA). The outlook of the assessment is stable.

A U.S. government shutdown would have an immediate impact on the economy with implications for insurance companies, with potential longer-term consequences that would vary in severity depending on its length, according to a new AM Best commentary.

AM Best was named “Rating Agency of the Year” at the Insurance Insider US Honors event on Sept. 25, 2025, in New York City. Accepting the award was James Gillard, president of AM Best Rating Services.

AM Best will attend the 2025 Baden-Baden Reinsurance Meeting, scheduled for 19-23 October, in Baden-Baden, Germany.

AM Best has revised the outlook to positive from stable and affirmed the Financial Strength (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of Universal Insurance Company (UIC). At the same time, AM Best has affirmed the FSR of B (Fair) and the Long-Term ICR of “bb+” (Fair) of Universal Life Insurance Company (ULICO). The outlook of ULICO’s Credit Ratings (ratings) is stable. Both companies are domiciled in Guaynabo, PR.

AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “a” (Excellent) of Nissan Global Reinsurance, Ltd. (NGRe) (Hamilton, Bermuda). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to Samsung Property & Casualty Insurance Company (China), Ltd. (Samsung P/C China). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the members of Unum Insurance Group. These companies are the core U.S. life/health (L/H) insurance subsidiaries of Unum Group (Unum) (headquartered in Chattanooga, TN) [NYSE: UNM]. In addition, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) of Unum. The outlook of these Credit Ratings (ratings) is stable. (See below for a complete listing of the L/H subsidiaries and the Long-Term IRs.)

Market conditions present challenges and opportunities for reinsurers domiciled in the Middle East and North Africa (MENA) region, according to a new AM Best report. Increased natural catastrophe activity, volatile oil prices, heightened geopolitical tension, increased public debt burdens and high inflation are some of the hurdles MENA reinsurers are currently navigating.

AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Maine Employers’ Mutual Insurance Company (Portland, ME) and its wholly owned subsidiaries, MEMIC Indemnity Company and MEMIC Casualty Company (both domiciled in Manchester, NH), collectively referred to as the MEMIC Group, remain unchanged following the recent announcement of a transaction to acquire the Dakota Group, which includes Dakota Truck Underwriters (DTU), First Dakota Indemnity Company (FDI) (both domiciled in Sioux Falls, SD) and Risk Administration Services, Inc. (RAS). The transaction also includes purchase of RAS’ four affiliated insurance services companies. RAS serves as attorney-in-fact to DTU, a reciprocal insurer, which will remain owned by its subscribers and maintain a minority interest in FDI.

AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Dakota Truck Underwriters (DTU) and First Dakota Indemnity Company (FDI) (both domiciled in Sioux Falls, SD), collectively referred to as the Dakota Group, remain unchanged following the recent announcement of a transaction to be acquired by Maine Employers’ Mutual Insurance Company (MEMIC) (Portland, ME). The transaction includes the purchase of Risk Administration Services, Inc. (RAS) and RAS’ four affiliated insurance services companies. RAS serves as attorney-in-fact to DTU, a reciprocal insurer that will remain owned by its subscribers and maintain a minority interest in FDI.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Abu Dhabi National Insurance Company P.J.S.C. (ADNIC) (United Arab Emirates) [UAE]. The outlook of these Credit Ratings (ratings) is stable.

Net income for the U.S. life/annuity (L/A) insurance industry increased by 39% in the first half of 2025 over the same prior-year period to $19.7 billion, according to a new AM Best report.

AM Best will sponsor, exhibit and lead a session at the 29th Indonesia Rendez-Vous Conference, which is scheduled for 15–17 October 2025, in Bali, Indonesia.

AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of Regence BlueShield of Idaho, Inc. (Lewiston, ID). In addition, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of Regence BlueShield (Renton, WA), Regence BlueCross BlueShield of Oregon (Regence BCBSO) (Portland, OR), Regence BlueCross BlueShield of Utah (Salt Lake City, UT), Asuris Northwest Health and Commencement Bay Risk Management Insurance Company (both domiciled in Renton, WA). These companies are referred to as Regence Insurance Companies (Regence). The outlook of these Credit Ratings (ratings) is stable.

AM Best-rated U.S. property/casualty (P/C) mutual insurance companies posted net income of $26.0 billion in 2024, as compared with a $10.8 billion net loss in 2023, according to a new report.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” (Excellent) of American Family Mutual Insurance Company, S.I. (American Family) (Madison, WI) and its core affiliates. In addition, AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a-” (Excellent) of the $70 million, 7.25%, 20-year surplus notes of NGM Insurance Company (Jacksonville, FL), an American Family affiliate. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of American Family Life Insurance Company (AFLIC) (Madison, WI). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and Credit Ratings [ratings].)

AM Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa-” (Superior) from “a+” (Excellent) of the insurance members of HAI Group (Cheshire, CT). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. (See below for a detailed listing of the members and ratings.)

AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to the recently issued $350 million, 5% 10-year senior unsecured notes due September 2035, issued by American Financial Group, Inc. (AFG) (Cincinnati, OH) [NYSE: AFG]. The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of AFG and its subsidiaries are unchanged.

Higher utilization since 2023 led to $5.7 billion underwriting loss for the Medicare Advantage line of business in 2024, following gains in at least the preceding five years, according to a new AM Best report.

The September issue of Best’s Review includes the following exclusive rankings:

The U.S. commercial auto insurance line continues to burden the overall property and casualty (P/C) industry, accounting for more than $10 billion in net underwriting losses over the past two years, according to a new AM Best report.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Dorinco Reinsurance Company (Dorinco) (Midland, MI), which is the captive reinsurance company of The Dow Chemical Company (Dow). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” (Good) of National Unity Insurance Company (National Unity) (San Antonio, TX). The outlook of the FSR is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) of Repwest Insurance Company (Repwest) (Phoenix, AZ). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of Oxford Life Insurance Company (Oxford Life) (Phoenix, AZ) and its subsidiary, Christian Fidelity Life Insurance Company (Dallas, TX), which are collectively referred to as Oxford Group. The outlook of these ratings is negative. These companies are owned by the group’s ultimate parent, U-Haul Holding Company [NYSE: UHAL, UHAL.B], which is also the parent of U-Haul International, Inc. (U-Haul), North America’s leading “do-it-yourself” household moving and self-storage operator.

AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Singapore Reinsurance Corporation Limited (Singapore Re) (Singapore). The outlook of the FSR is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) for the members of Ally Insurance Group (Ally Insurance). The members include Motors Insurance Corporation and its reinsured subsidiaries, MIC Property and Casualty Insurance Corporation and CIM Insurance Corporation, as well as an affiliate, Ally International Insurance Company Ltd. (AIICL). All companies are domiciled in Detroit, MI, except AIICL, which is domiciled in Bermuda. The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) of Taiping Reinsurance Company Limited (TPRe) (Hong Kong) and its wholly owned subsidiary, Taiping Reinsurance (China) Company Ltd. (TPRe China) (China). The outlook of these Credit Ratings (ratings) is stable.

AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of The Northern Neck Insurance Company (Northern Neck) (Irvington, VA).

AM Best has maintained the under review with developing implications status for the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Banner Life Insurance Company (BLIC) (Frederick, MD) and William Penn Life Insurance Company of New York (William Penn-NY) (New York, NY).

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) of Industrial Alliance Insurance and Financial Services Inc. (IA) (Quebec). Concurrently, AM Best has withdrawn the Long-Term Issue Credit Ratings on securities under the shelf registration of IA. In addition, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of IA’s U.S. life insurance entities within the IA American Life Group (IAALG). The outlook of these Credit Ratings (ratings) is stable. (See below for a listing of IA’s U.S. Life companies)

AM Best has maintained the under review with developing implications status for the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Arabia Insurance Company – Jordan (AICJ) (Jordan). Concurrently, AM Best has withdrawn these Credit Ratings (ratings).

AM Best has maintained the under review with developing implications status for the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Pillar Life Insurance Company (Pillar) (Harrisburg, PA).

AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “bbb” (Good) and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Beneficial Insurance Limited (Beneficial) (New Zealand). In addition, AM Best has revised the Long-Term ICR outlook to stable from positive, while the outlook of the FSR is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Sigurd Rück AG (Sigurd) (Switzerland). The outlook of these Credit Ratings (ratings) is stable.

AM Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Foundation Life (NZ) Limited (FLNZ) (New Zealand) as the company no longer has insurance policy liabilities. While the company remains a licenced insurance company, the Reserve Bank of New Zealand has granted FLNZ an exemption under section 60 (2A) of the Insurance (Prudential Supervision) Act 2010 from having to hold a current financial strength rating. At the time of the withdrawal, the outlook of these Credit Ratings (ratings) was stable.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of the following operating subsidiaries of Enact Holdings, Inc. (EHI) (Delaware) [Nasdaq: ACT]: Enact Mortgage Insurance Corporation (EMIC) and Enact Mortgage Insurance Corporation of North Carolina (EMIC-NC) (collectively referred to as the Enact U.S.-domiciled companies). Both operating companies are domiciled in Raleigh, N.C. AM Best also has revised the outlook to positive from stable and affirmed the Long-Term ICR of “bbb-” (Good) of EHI. In addition, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Enact Re Ltd. (ERL) (Bermuda). The outlook of these Credit Ratings is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of B++ (Good), the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” (Good), and the India National Scale Rating (NSR) of aaa.IN (Exceptional) of ECGC Ltd. (ECGC) (India). The outlook of the FSR and the Long-Term ICR is positive, while the outlook of the NSR is stable.

AM Best has removed from under review with developing implications and downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to “bb” (Fair) from “bbb-” (Good) of Stellar National Life Insurance Company (Stellar) (Phoenix, AZ). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Ratings of “bbb-” (Good) of Azuaga - Companhia de Seguros S.A. (Azuaga) (Portugal). The outlook of these Credit Ratings (ratings) is stable. The company is a wholly owned subsidiary of Corporación Financiera Azuaga, S.L., a conglomerate holding company.

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of Samsung Fire & Marine Insurance Co., Ltd. (SFM) (South Korea) and its subsidiaries, Samsung Fire & Marine Insurance Company of Europe Limited (United Kingdom), Samsung Vina Insurance Co., Ltd. (Vietnam) and Samsung Reinsurance Pte. Ltd. (Singapore). Concurrently, AM Best has affirmed the FSR of A- (Excellent), the Long-Term ICR of “a-” (Excellent), and the Indonesia National Scale Rating of aaa.ID (Exceptional) of PT Asuransi Samsung Tugu (AST) (Indonesia). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Triple Crown Assurance Co. (TCA) (Dallas, TX). The outlook of these Credit Ratings (ratings) is stable.

The U.S. property/casualty insurance segment posted record-high investment income of $89 billion in 2024, a notable 20% year-over-year increase bolstered by the higher interest rate environment, according to a new AM Best report.

AM Best is revising its outlook on the French life insurance segment to stable from negative.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of C++ (Marginal) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “b+” (Marginal) of Genworth Life Insurance Company (GLIC) (Wilmington, DE) and Genworth Life Insurance Company of New York (GLICNY) (New York, NY). These companies are referred to as Genworth Financial Group. In addition, AM Best has affirmed the FSR of B- (Fair) and the Long-Term ICR of “bb-” (Fair) of Genworth Life and Annuity Insurance Company (GLAIC) (Richmond, VA). Concurrently, AM Best has affirmed the Long-Term ICRs of bb-” (Fair) of Genworth Financial, Inc. and Genworth Holdings, Inc. (both domiciled in Delaware), as well as their Long-Term Issue Credit Ratings (Long-Term IRs). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed list of the Long-Term IRs.)

AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Ethiopian Reinsurance S.C. (Ethio Re) (Ethiopia). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of Queen City Assurance, Inc. and Vine Court Assurance Incorporated, both domiciled in Burlington, VT, and collectively referred to as Queen City Assurance Group. The outlook of these Credit Ratings (ratings) is stable.

AM Best has appointed Robin Adam as an independent non-executive director (NED) to the boards of its Europe, Middle East and Africa (EMEA) region subsidiaries, A.M. Best Europe Rating Services Ltd. (AMBERS) and A.M. Best (EU) Rating Services B.V. (AMBEU). His appointment is with effect from 8 September 2025.

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Forestry Mutual Insurance Company (FMIC) (Raleigh, NC).

AM Best-rated insurers across Latin America experienced more Long-Term Issuer Credit Rating (Long-Term ICR) upgrades than downgrades in 2024, with the majority of those upgrades occurring in the region’s more mature markets, according to a newly published report.

AM Best is a sponsor at the upcoming African Insurance Organisation (AIO) 29th annual African Reinsurance Forum, taking place 11-15 October 2025 in Harare, Zimbabwe. The event is themed as “Growth for the African Reinsurance Industry – Navigating Global Volatility and Growing Risk Complexity.”

In its September issue, Best’s Review speaks with leaders from organizations including the Surplus Lines Association of California about the growth that the surplus lines insurance market has seen. Factors such as wildfire, natural catastrophes, difficulty attaining rate, uncertainty around emerging risks, and loss trends are leading traditional insurers to draw down coverage, driving business into the non-admitted market. Read the article here.

U.S. personal auto insurers saw the segment’s first-half 2025 direct loss ratio fall again from the same two previous six-month periods, indicating that the significant rebound experienced in 2024 may carry over through 2025, according to a new AM Best report.

AM Best will sponsor and participate in the fourth annual International Insurance Summit, which will take place 29-30 September 2025 in Istanbul.

AM Best has assigned Preliminary Credit Assessments (PCA) to MIEC Mutual Risk Retention Group (MIEC Mutual RRG) (Washington, DC), a new insurance vehicle managed by Medical Insurance Exchange of California (MIEC), with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca (Excellent). The assigned outlook to the PCAs is stable.