AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of Energy Risk Indemnity Reinsurance Inc.

MEXICO CITY--(BUSINESS WIRE)--

AM Best has maintained the under review with developing implications status for the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Energy Risk Indemnity Reinsurance Inc. (ERI Re) (Barbados).

These Credit Ratings (ratings) were placed under review with developing implications on Dec. 6, 2018, as AM Best’s original rating decision was appealed based on material new information. AM Best has maintained the under review status, as ERI Re has presented information to resolve the rating issues. However, the ratings will remain under review until the successful implementation of such information is finalized. AM Best expects to resolve the under review status during the second half of 2019.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of AM Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Key insurance criteria reports utilized:

• Evaluating Country Risk (Version Oct. 13, 2017)
• Understanding Universal BCAR (Version May 23, 2019)
• Available Capital & Holding Company Analysis (Version Oct. 13, 2017)

• Rating New Company Formations (Version Oct. 13, 2017)

  

View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, please refer to Understanding Best’s Credit Ratings.

• Previous Rating Date: January 10, 2019
• Date Range of Financial Data Used: December 31, 2017-April 30, 2019.

This press release relates to rating(s) that have been published on AM Best's website. For additional 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.

AM Best does not validate or certify the information provided by the client in order to issue a credit rating.

While the information obtained from the material source(s) is believed to be reliable, its accuracy is not guaranteed. AM Best does not audit the company’s financial records or statements, or otherwise independently verify the accuracy and reliability of the information; therefore, AM Best cannot attest as to the accuracy of the information provided.

AM Best’s credit ratings are independent and objective opinions, not statements of fact. AM Best is not an Investment Advisor, does not offer investment advice of any kind, nor does the company or its Ratings Analysts offer any form of structuring or financial advice. AM Best’s credit opinions are not recommendations to buy, sell or hold securities, or to make any other investment decisions. View our entire notice for complete details.

AM Best receives compensation for interactive rating services provided to organizations that it rates. AM Best may also receive compensation from rated entities for non-rating related services or products offered by AM Best. AM Best does not offer consulting or advisory services. For more information regarding AM Best’s rating process, including handling of confidential (non-public) information, independence, and avoidance of conflicts of interest, please read the AM Best Code of Conduct. 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.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Elí Sánchez

Associate Director

+52 55 1102 2720, ext. 122

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Alfonso Novelo

Senior Director, Analytics

+52 55 1102 2720, ext. 107

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Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

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Jim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

[email protected]

Source: AM Best