AM Best Affirms Credit Ratings of Associated Electric & Gas Insurance Services Limited

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Associated Electric & Gas Insurance Services Limited (AEGIS) (Hamilton, Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect AEGIS’ balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

AEGIS has been able to demonstrate strong underwriting results, grounded in a long-standing commitment to disciplined risk selection and conservative reinsurance practices. This has been reinforced further by the significant diversification between the mutual and the Syndicate and its benefits to the company’s balance sheet. The combined performance of these platforms has delivered consistent, stable underwriting results over the past five years, which highlights the unique strategic structure of AEGIS. AEGIS has generated stable investment income as well, which has strongly contributed to operating results over the past five years. The stable outlooks reflect the expectation that AEGIS’ favorable earnings trend will continue, which has been bolstered by prudent underwriting and investment income.

AEGIS focuses on risk diversification and capital preservation, which have been achieved through a successful combination of its energy mutual operations in North America and uncorrelated lines of business with its Lloyd’s Syndicate 1225. The company’s Lloyd’s Syndicate provides diversification to the overweight concentration of overall insureds within the U.S. and Canadian utility industry, which stabilizes underwriting performance. AEGIS continues to maintain the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by consistent surplus growth over the past 10 years. Management focuses on the company’s operating performance by improving its risk management strategies, including continued refinement of its underwriting criteria, as well as the prudent use of available reinsurance protection and modest limits. AEGIS continues to have a high member retention ratio, an adaptive and highly responsive management team and continued expansion of programs within its corporate mission.

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