AM Best Assigns Credit Ratings to Coverys Limited

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) to Coverys Limited (COVL) (United Kingdom). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect COVL’s inclusion as a member company in rating unit Coverys Companies (Coverys), which has a consolidated balance sheet strength assessed as strongest, as well as marginal operating performance, a neutral business profile and appropriate enterprise risk management.

The ratings reflect COVL’s role as an indirect wholly owned subsidiary of Medical Professional Mutual Insurance Company (ProMutual), the lead company of Coverys. COVL benefits from explicit support it receives through the implementation of a quota share reinsurance agreement with ProMutual. Coverys intends to utilize COVL, once authorized as an insurer by the Prudential Regulatory Authority, as a continuation of the group’s strategy of supporting medical professional liability capacity and risk management programs placed in the London market including those which were provided previously through its Lloyds’ Syndicate 1975. Although most business written is expected to be U.S.-domiciled risks, it is accessed typically from the London market via specialist divisions of major London brokerage firms.

The ratings of established members of Coverys remain unchanged with an FSR of A (Excellent) and Long-Term ICRs of “a” (Excellent), each with a stable outlook.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Connor Brach, CFA, FRM

Associate Director

+1 908 882 1668

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Christopher Sharkey
Associate Director, Public Relations

+1 908 882 2310

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Jieqiu Fan

Associate Director

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Al Slavin
Senior Public Relations Specialist

+1 908 882 2318

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Source: AM Best