A.M. Best Affirms Credit Ratings of White Mountains Insurance Group, Ltd., OneBeacon Insurance Group, Ltd. and U.S. Subsidiaries
Additionally,
Concurrently,
The ratings reflect OneBeacon’s sound level of risk-adjusted capitalization, solid earnings (on average) derived through periods of favorable underwriting and operating performance, as well as the financial flexibility afforded by
Offsetting the positive factors is adverse development of loss reserves (most notably in 2014), payment of shareholder dividends which has constrained surplus growth, and elevated level of equity investments that has the potential to add volatility to OneBeacon’s earnings despite being closely managed.
The affirmation of the ratings of
The FSR of A (Excellent) and the Long-Term ICRs of “a” have been affirmed for Atlantic Specialty
-
Homeland Insurance Company of New York -
Homeland Insurance Company of Delaware - OBI National Insurance Company
-
OBI America Insurance Company
The following Long-Term IR has been affirmed:
-- “bbb” on
The following indicative Long-Term IRs under the shelf registration have been affirmed:
-- “bbb” on senior unsecured debt
-- “bbb-”on subordinated debt
-- “bb+” on preferred stock
OneBeacon
-- “bb+” on preferred stock
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.
Copyright © 2016 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
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