AM Best Affirms Credit Ratings of Alleghany Corp, Transatlantic Re Co and RSUI Group; Revises ICR Outlook for CapSpecialty Group.
ENPNewswire-November 18, 2021--AM Best Affirms Credit Ratings of Alleghany Corp, Transatlantic Re Co and RSUI Group; Revises ICR Outlook for CapSpecialty Group
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Release date- 17112021 - 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 Transatlantic Reinsurance Company (New York, NY) and its subsidiaries (collectively referred to as TransRe).
In addition, AM Best has affirmed the Long-Term ICRs and the Long-Term Issue Credit Ratings (Long-Term IRs) of 'a-' (Excellent) of Alleghany Corporation (Alleghany) [NYSE: Y] and Transatlantic Holdings, Inc. Alleghany and Transatlantic Holdings, Inc. are headquartered in New York, NY. The outlook of these Credit Ratings (ratings) is stable.
AM Best also has revised the to positive from stable for the Long-Term ICR outlook and affirmed the FSR of A (Excellent) and the Long-Term ICRs of 'a' (Excellent) of Capitol Indemnity Corporation and its two subsidiaries, which operate under a pooling agreement, collectively referred to as CapSpecialty Insurance Group (CapSpecialty) (headquartered in Middleton, WI). The outlook of the group's FSR is stable.
Concurrently, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of 'aa-' (Superior) of RSUI Indemnity Company and its reinsured subsidiaries, collectively referred to as RSUI Group (RSUI) (headquartered in Atlanta, GA). The outlook of these ratings is stable. (Please see below for a detailed listing of the companies and ratings).
The ratings of TransRe reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, very favorable business profile and appropriate enterprise risk management (ERM). TransRe continues to maintain a robust business profile with a highly diversified book of business in terms of geography and product offerings. TransRe also maintains the strongest level of risk-adjusted capitalization even under stressed scenarios, as measured by Best's Capital Adequacy Ratio (BCAR), and AM Best considers TransRe's quality of capital to be a positive factor for its ratings. TransRe consistently has delivered solid results over the reinsurance cycle, and although it remains exposed to catastrophe events worldwide, AM Best expects it to produce favorable earnings driven by underwriting income and complemented by investment income.
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