A.M. Best Upgrades Issuer Credit Rating of AES Global Insurance Company
OLDWICK, N.J.--(BUSINESS WIRE)--Dec 6, 2018--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 15 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 .
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 web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181205005498/en/
CONTACT: Fred Eslami
+1 908 439 2200, ext. 5406
+1 908 439 2200, ext. 5829
Manager, Public Relations
+1 908 439 2200, ext. 5159
Director, Public Relations
+1 908 439 2200, ext. 5644
KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY VERMONT
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
SOURCE: A.M. Best
Copyright Business Wire 2018.
PUB: 12/06/2018 09:17 AM/DISC: 12/06/2018 09:17 AM