Ratings Recap: Travelers, Mapfre (NJ & FL), AXA Art, Progressive (debt)
A.M. Best Co. has affirmed the financial strength rating (FSR) of “A+” (Superior) and issuer credit ratings (ICR) of “aa-” of Travelers Insurance Companies and its P/C members. Best also affirmed the debt ratings of “a-” on senior debt, “bbb+” on subordinated debt, “bbb+ and “bbb” on junior subordinated debt, “bbb” on trust preferred securities, “bbb” on preferred stock and AMB-1 on commercial paper of The Travelers Companies, Inc. Best also affirmed the FSR of “A+” (Superior) and ICRs of “aa-” of Hartford-based Travelers Casualty and Surety Company of America and its UK affiliate Travelers Casualty and Surety Company of Europe Limited. Best also affirmed the FSR of “A” (Excellent) and upgraded the ICR to “a+” from “a” of The Premier Insurance Company of Massachusetts. For a complete list of The Travelers Companies, Inc.’s FSRs, ICRs and debt ratings got to: www.ambest.com/press/061803travelers.pdf.
A.M. Best Co. has downgraded the financial strength rating (FSR) to “A-” (Excellent) from “A” (Excellent) and the ICR to “a-” from “a” of Mapfre Insurance Company (F/K/A Mapfre Reinsurance Corporation) of Florham Park, NJ with a stable outlook. The Company is a unit of Spanish insurer MAPFRE S.A. It will soon begin writing personal auto coverage in Arizona. “The ratings reflect Mapfre Insurance’s strong risk-adjusted capitalization, which on a pro forma basis and after considering various stress test scenarios, remains in the excellent range over a five-year time period,” said Best
A.M. Best Co. has affirmed the financial strength rating (FSR) of “A-” (Excellent) and has assigned an issuer credit rating (ICR) of “a-” to MAPFRE Insurance Company of Florida with a stable. The affirmation reflects the Company’s “improved overall risk-adjusted capitalization and its improved operating performance,” said Best. “The ratings also recognize the explicit support provided the company as a member of MAPFRE S.A. This support is reflected in MAPFRE International’s capital infusion of $10 million in 2006 to MAPFRE Florida, to stabilize surplus as well as a reinsurance protection through an affiliate, Mapfre Re Compania de Reaseguros S.A.”
A.M. Best Co. has affirmed the financial strength rating (FSR) of “A” (Excellent) and assigned an issuer credit rating (ICR) of “a+” to the New York-based AXA Art Insurance Corporation with a stable outlook. The rating reflects AXA Art’s “strong capitalization, favorable operating performance, parental support from its direct parent, AXA Art Versicherung AG” – headquartered in Cologne, Germany – as well as the advantages gained from its recognized insurance expertise within the fine arts industry. AXA Art also benefits from being a subsidiary of France’s AXA Group
Standard & Poor’s Ratings Services has assigned its “A-” rating to Progressive Corp.’s proposed junior subordinated debentures with an effective maturity of 2037. The debentures qualify for “intermediate-strong” equity treatment under S&P’s criteria for “hybrid securities, based on a review of preliminary documentation,” said the bulletin.