Ratings Roundup: Ancon, PARIS RE (US), Allianz (US), Fireman’s Fund
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and assigned issuer credit ratings (ICR) of “aa” to the Ancon Insurance and Petroleum Casualty Group. They apply to Vermont-based Ancon Insurance Company, Inc. and its reinsured affiliate, Texas-based Petroleum Casualty Company (PCC). The outlook for all ratings is stable. “The ratings reflect the group’ s superior capitalization, consistently strong operating results and sound risk management strategies,” said Best. “The ratings also consider the extensive experience and commitment of its parent, Exxon Mobil Corporation, whose management incorporates the group as a core element in the overall risk management program of the company. Ancon is one of the largest captives in the United States and benefits from its history of more than 60 years in operation as a captive insurer.”
Standard & Poor’s Ratings Services has assigned its ‘A-‘ long-term insurer financial strength rating to U.S.-based (re)insurer PARIS RE America Insurance Co. with a stable outlook. “The rating is based on a guarantee provided to PARIS RE America by its parent PARIS RE (PARIS RE (France); A-/Stable/–),” explained S&P credit analyst Peter Grant. The guarantee, which is enforceable by policyholders, satisfies Standard & Poor’s criteria. “Owing to the existence of the guarantee, the rating on PARIS RE America is expected to move in tandem with that on PARIS RE (France) going forward,” he added.
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a” of Allianz Global Corporate & Specialty, North America (Allianz). The Group consists of Allianz Global Risks US Insurance Company (Allianz US) and its wholly owned subsidiary, Allianz Underwriters Insurance Company (Allianz Underwriters), both of Burbank, Calif. Best also affirmed the FSR of ‘A’ (Excellent) and the ICRs of “a” of Fireman’s Fund Insurance Company of Novato, Calif. and its intercompany pool participants and reinsured affiliates. In addition Best has affirmed the ICR of “a” of Allianz of America Inc. of Delaware. The outlook for all ratings is stable. “Allianz’s ratings reflect its excellent risk-adjusted capitalization, explicit parental support provided by its ultimate parent, Germany’s Allianz Societas Europaea, its solid business franchise, improved current and future earnings capabilities in its industrial risk market and anticipated earnings diversification through its expanding aviation portfolio,” Said Best. “Allianz SE currently provides Allianz explicit support in the form of a Keep Well Agreement to reimburse Allianz for paid losses associated with the World Trade Center attack as well as through its flagship subsidiary, Allianz Global Corporate & Specialty AG, which provides explicit support in the form of a 90 percent quota share reinsurance agreement (excluding aviation).”