AM Best Affirms Credit Ratings of American International Group, Inc. and Its Property/Casualty Subsidiaries
OLDWICK, N.J.--(BUSINESS WIRE)--Dec 6, 2024--
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” (Excellent) of American International Group, Inc.’s (AIG) property/casualty (P/C) insurance subsidiaries (collectively referred to as AIG PC). At the same time, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) of AIG (headquartered in New York, NY) [NYSE: AIG]. The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and ratings.)
The ratings of AIG PC reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management. AIG PC’s risk-adjusted capitalization remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), benefiting from improving underwriting performance and targeted efforts to lower risk on the balance sheet, while also benefiting from strong reinsurance support from highly rated reinsurers.
AM Best assesses AIG PC’s operating performance as adequate. AIG PC’s operating performance has demonstrated a steady and consistent improving trend in more recent years, attributable to numerous underwriting and risk management initiatives, as well as continuing positive pricing momentum in most key business lines. Operating performance metrics are now comparable to similarly rated peers. AIG PC’s business profile is assessed as favorable, considering its extensive market position in numerous commercial lines, as well as a wide geographic footprint in both domestic and global markets. The group has exhibited deep expertise in its commercial lines writings and utilizes many diverse distribution channels.
The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed with stable outlooks for the following P/C subsidiaries of AIG, which are collectively referred to as the AIG PC:
- National Union Fire Insurance Company of Pittsburgh, PA
- American Home Assurance Company
- Lexington Insurance Company
- Commerce and Industry Insurance Company
- AIG Property Casualty Company
- The Insurance Company of the State of Pennsylvania
- New Hampshire Insurance Company
- Illinois National Insurance Company
- AIG Specialty Insurance Company
- AIU Insurance Company
- AIG Assurance Company
- AIG Insurance Company – Puerto Rico
- AIG Insurance Company of Canada
- AIG Insurance Hong Kong Limited
- Granite State Insurance Company
- Tudor Insurance Company
- Stratford Insurance Company
- Western World Insurance Company
- Marbleshore Specialty Insurance Company
- Glatfelter Insurance Company
- American International Group UK Limited
- American International Reinsurance Company, Ltd.
- AIG Asia Pacific Insurance Pte. Ltd.
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’sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Ratingopinions, please viewGuide 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 viewGuide 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, visitwww.ambest.com.
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:https://www.businesswire.com/news/home/20241206036359/en/
CONTACT: Raymond Thomson, CPCU, ARe, ARM
Associate Director
+1 908 882 2394
raymond.thomson@ambest.comChristopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.comErik Miller, CFA
Director
+1 908 882 2120
erik.miller@ambest.comAl Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: AM Best
Copyright Business Wire 2024.
