-

AM Best Upgrades Credit Ratings of AES Global Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of AES Global Insurance Company (AGIC) (Burlington, VT). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect AGIC’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect the improved credit profile of AGIC’s parent, The AES Corporation (AES) [NYSE: AES].

The ratings reflect AGIC’s continued favorable operating trends and risk-adjusted capitalization, sound risk management capabilities with a focus on sustaining improving capitalization, underwriting performance and conservative balance sheet strategies. The ratings also consider AGIC’s important role as a single-parent captive and the implied support provided by its parent, AES, given the continued improvement in its parent’s credit profile. AGIC is a core element of AES’ overall risk management program, which utilizes the captive as an integral part in this process. AES continually evaluates the use of AGIC for the group’s other risk management objectives as those arise.

AGIC is wholly owned by AES, a Fortune 500 global energy company that, through its subsidiaries and affiliates, operates a diversified portfolio of generation, distribution and energy storage businesses, which deliver safe, reliable and sustainable energy while helping organizations of all types in their clean energy transitions.

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’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide 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 view Guide 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, visit www.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Chul Lee
Senior Financial Analyst
+1 908 439 2200, ext. 5036
chul.lee@ambest.com

Fred Eslami
Associate Director
+1 908 439 2200, ext. 5406
fred.eslami@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Al Slavin
Communications Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

AM Best

NYSE:AES

Release Versions
Hashtags

Contacts

Chul Lee
Senior Financial Analyst
+1 908 439 2200, ext. 5036
chul.lee@ambest.com

Fred Eslami
Associate Director
+1 908 439 2200, ext. 5406
fred.eslami@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Al Slavin
Communications Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Social Media Profiles
More News From AM Best

Best’s Special Report: Catastrophe Bond Market Growth Accelerates, As Loss Multipliers Compress

OLDWICK, N.J.--(BUSINESS WIRE)--A new AM Best report suggests that the insurance-linked securities (ILS) market will continue to grow in 2026, perhaps at a slower rate than last year with investors taking profits instead of redeploying capital in a softening market. The Best’s Special Report titled, “Cat Bond Market Growth Accelerates, as Loss Multiples Compress,” notes that capacity continues to reach record level within the ILS segment, which has grown beyond its niche role to become more est...

AM Best Affirms Credit Ratings of James River Group Holdings, Inc. and Its Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of the rated operating subsidiaries of James River Group Holdings, Inc. (Delaware) [NASDAQ: JRVR]. In addition, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of James River Group Holdings, Inc. The outlook of these Credit Ratings (ratings) is negative. (See below for a detailed listing of the subsidiaries...

AM Best Assigns Issue Credit Rating to Humana Inc.’s New Junior Subordinated Notes

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb-” (Good) to the $1 billion, 6.625% fixed rate junior subordinated notes, due 2056, of Humana Inc. (Humana) (headquartered in Louisville, KY) [NYSE: HUM]. The outlook assigned to this Credit Rating (rating) is stable. All other ratings of Humana and its subsidiaries remain unchanged. Humana expects to use the proceeds from the junior subordinated notes issuance for general corporate purposes, which may i...
Back to Newsroom