Best’s Special Report: Credit Rating Upgrades Continue to Outpace Downgrades for U.S. Property/Casualty Carriers in 2017
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The Best's Special Report, titled, "Upgrades Continue to Outpace Downgrades for Property/Casualty Carriers in 2017," states that the higher proportion of Long-Term Issuer Credit Rating (Long-Term ICR) upgrades in 2017 was due to solid capitalization, improved technology and risk management capabilities, and ongoing acquisition and affiliation agreements with higher-rated companies.
The number of Long-Term ICR upgrades, as a percentage of all rating actions on P/C carriers, increased to 8.5% in 2017, compared with 7.3% in the previous year. Conversely, the number of Long-Term ICR downgrades fell to 2.8% compared with 4.6% in 2016 of total actions on rating units.
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