AM Best Affirms Credit Ratings of AMEX Assurance Company.
ENPNewswire-September 16, 2021--AM Best Affirms Credit Ratings of AMEX Assurance Company
(C)2021 ENPublishing - http://www.enpublishing.co.uk
Release date- 15092021 - AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a+' (Excellent) of AMEX Assurance Company (AMEX Assurance) (Itasca, IL).
AMEX Assurance is a wholly owned subsidiary of American Express Company (American Express) [NYSE: AXP]. The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect AMEX Assurance's balance sheet strength, which AM Best assesses as very strong, as well as its very strong operating performance, neutral business profile and appropriate enterprise risk management.
AMEX Assurance's very strong balance sheet strength is supported by its risk-adjusted capitalization at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), favorable loss development trends, strong liquidity position, and sound underwriting leverage measures. However, surplus growth has been constrained as all of the prior year's net income has been returned to its parent in the form of stockholder dividends. Operating results compare favorably with the commercial property composite average and benefit from a low expense cost structure. Although AMEX Assurance has a narrow business profile as its emphasis is on travel-related and other ancillary products offered to American Express card members, it has an established reputation in...
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