A.M. Best Co. has upgraded the issuer credit ratings (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of A (Excellent) of Transatlantic Reinsurance Company (TransRe), Fair American Insurance and Reinsurance Company (both domiciled in New York, NY) and Trans Re Zurich Reinsurance Company Ltd. (Switzerland). The outlook for the FSR is stable, while the outlook for the ICR has been revised to stable from positive.
In addition, A.M. Best has upgraded the ICR to “bbb+” from “bbb” and the debt ratings of Transatlantic Holdings Inc. (Transatlantic Holdings). The outlook for these ratings has been revised to stable from positive.
Concurrently, A.M. Best has revised the outlook to positive from stable and affirmed the FSR of A (Excellent) and ICRs of "a+" of RSUI Indemnity Company and its reinsured subsidiaries, collectively referred to as RSUI Group (RSUI) (headquartered in Atlanta, GA).
A.M. Best also has affirmed the ICR of "bbb+" and debt ratings of "bbb+" of Alleghany Corporation (Alleghany) (headquartered in New York, NY) (NYSE: Y). The outlook for these ratings are stable.Additionally, A.M. Best has revised the ICRs outlook to stable from positive and affirmed the FSR of A (Excellent) and ICRs of "a" of Capitol Indemnity Corporation, its subsidiary and an affiliate, which operate under a pooling agreement, collectively referred to as Capitol Insurance Group (Capitol) (headquartered in Middleton, WI). The outlook for the FSR is stable. At the same time, A.M. Best has revised the FSR outlook to positive from stable, the ICR outlook to positive from negative and affirmed the FSR of B++ (Good) and ICR of "bbb+" of Pacific Compensation Insurance Company (Pacific Comp) (headquartered in Agoura Hills, CA). The revised outlook is based on the potential for further explicit support through intercompany reinsurance to Pacific Comp. (See below for a detailed listing of the companies and ratings.) The ICR upgrades for TransRe recognize the successful completion of the merger with Alleghany and A.M. Best’s expectation that being part of Alleghany will enable TransRe to focus on underwriting opportunities and further enhance its excellent market profile.