A.M. Best Affirms Ratings of Hiscox Insurance Company Inc.

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit rating of “a” of Hiscox Insurance Company Inc. (HICI) (Chicago, IL). The ratings of HICI are based on the consolidation of HICI and its inactive subsidiary, Hiscox Specialty Insurance Company, Inc.The outlook for both ratings is stable.

The ratings of HICI’s Bermuda based affiliate, Hiscox Insurance Company (Bermuda) Limited (Hiscox Bermuda) are extended to HICI. This rating enhancement is based on HICI’s role and strategic importance to the Hiscox group, and the implicit and explicit support provided by the Hiscox group in the form of quota share reinsurance with HiscoxBermuda and a guarantee on all third-party reinsurance recoverables with the Bermudian ultimate parent holding company, Hiscox Ltd. The ratings also reflect the implied commitment to be provided by Hiscox group in the future in order to support HICI’s expansion in the United States.

The principal methodology used in determining these ratings is Best’s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Additional key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Property/Casualty Insurers”; and “Rating Members of Insurance Groups.” Methodologies can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

A.M. Best CompanyDuncan McColl, CFA, 908-439-2200, ext. 5826
Senior Financial Analyst
[email protected]
orJoseph Roethel, 908-439-2200, ext. 5630
Assistant Vice President
[email protected]
orRachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
[email protected]
orJim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
[email protected]

Source: A.M. Best Company