AM Best Assigns Credit Ratings to Glencar Insurance Company

Business Wire

AMSTERDAM--(BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa” to Glencar Insurance Company (GIC) (Milwaukee, Wisconsin, USA), a wholly owned subsidiary of Hannover Rück SE (Hannover Re). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect GIC’s strategic importance to and integration within the Hannover Re group, and thereby the ratings reflect Hannover Re’s balance sheet strength, which AM Best categorises as strongest, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management.

GIC is a newly established subsidiary of Hannover Re, which provides the group a primary platform to access business within the United States, in addition to flexibility to adapt to changes in the operating environment to protect Hannover Re’s existing franchise within the United States. At present, the company can operate in most states and expects to have admitted licenses or reinsurance accreditations for 50 states by year-end 2019. GIC benefits from explicit parental support through a significant stop-loss reinsurance cover from Hannover Re.

GIC commenced writing specialty admitted agency business in the United States in 2018 through its associated managing general agent, Glencar Underwriting Managers, in order to support Hannover Re’s plans to expand its share in selected specialty niche markets. The company is expected to write some of the admitted niche business on a direct basis in 2019. In addition, GIC assumed business of HDI Global Insurance Company, a group affiliate.

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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.