A.M. Best Affirms Credit Ratings of National General Insurance Corporation (NAGICO) N.V. and Nagico Insurance Company Limited
The Credit Ratings (ratings) reflect NAGICO’s balance sheet strength, which
NAGICO’s balance sheet strength is underpinned by its risk-adjusted capitalization assessed at the strongest level, generally overall positive operating earnings and geographic spread of risk throughout the
Partially offsetting these positive rating factors are a weakening of risk-adjusted capitalization and loss of shareholders’ equity in 2017 as a result of losses incurred from Hurricanes Irma and Maria, as well as the soft, highly competitive markets and weak economies throughout the
Peak Re’s 50% acquisition of NAGICO’s ultimate parent,
The positive outlook of the Long-Term ICR reflects the potential for upward movement in the next 12 to 24 months due to anticipation of continued positive factors including sustained improvement in NAGICO’s underwriting performance, stabilized risk-adjusted capitalization at both operating companies, and consistent long-term overall profitability. Factors that might lead to negative rating action include sustained decline in underwriting profitability, material deterioration in risk-adjusted capitalization from outsized catastrophe losses, or a downgrade in the country risk tier ratings of
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. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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