Articles from AM Best

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 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.

AM Best has removed from under review with positive implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Palomar Casualty and Surety Company (PCSC) (Metairie, LA). The outlook assigned to these Credit Ratings (ratings) is positive.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Gulf Insurance Limited (Gulf) (Trinidad and Tobago). The outlook of these Credit Ratings (ratings) is stable.

AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “bb+” (Fair) from “bb” (Fair) and affirmed the Financial Strength Rating (FSR) of B (Fair) of First Chicago Insurance Company and United Security Insurance Company. The outlook of the Long-Term ICRs has been revised to stable from positive, while the outlook of the FSR is stable. Both companies are domiciled in Bedford Park, IL and are collectively known as First Chicago Insurance Group (First Chicago).

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of the property/casualty (P/C) insurance subsidiaries of Cincinnati Financial Corporation (CFC) and The Cincinnati Life Insurance Company. Additionally, AM Best has affirmed the Long-Term ICR of “a” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IR) of CFC. The outlook of these Credit Ratings (ratings) is stable. All companies except The Cincinnati Specialty Underwriters Insurance Company (CSU) are domiciled in Fairfield, OH. CSU is domiciled in Delaware. (See below for a detailed listing of the P/C companies and Long-Term IRs.)

AM Best has affirmed the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of “b+” (Marginal) of Linkage Assurance Plc (Linkage) (Nigeria). The outlook of these Credit Ratings (ratings) is stable.

AM Best to host a briefing that will look at the U.S. health insurance segment’s response to negative market pressures from higher utilization, medical and pharmacy costs, increased morbidity and regulatory challenges on April 7, 2026, at 2 p.m. EDT.

The March issue of Best’s Review examines how agents are exploring new paths to profitable distribution, along with the state of the captive sector:

A combination of higher-than-expected utilization, claims costs, acuity and cost of care across all lines led to the U.S. health insurance segment’s net income dropping by nearly 20% through three quarters of 2025, as compared with the same prior-year period, according to a new AM Best report.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Fidelity Life Assurance Company Limited (Fidelity Life Assurance) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.

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 key U.S. life/health subsidiaries and Europe-based insurance companies of The Cigna Group (Cigna) (headquartered in Bloomfield, CT) [NYSE: CI]. The majority of Cigna’s core U.S. health insurance entities are collectively referred to as Cigna Life & Health Group.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Equitable Financial Life Insurance Company of America (EFLICOA) (Phoenix, AZ) and Equitable Financial Life Insurance Company (EFLIC) (New York, NY). EFLICOA and EFLIC collectively are referred to as Equitable Life Group. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) of Equitable Holdings, Inc. (Delaware). The outlook of these Credit Ratings (ratings) is stable. Additionally, AM Best has assigned a Long-Term IR of “bbb+” (Good) on $600 million 4.572% senior secured fixed rate, due 2029, of Equitable Holdings, Inc. The outlook assigned to this rating is stable. (Please see below for a detailed listing of the Long-Term IRs affirmations.)

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Insurance Corporation of Barbados Limited (ICBL) (Barbados). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and a Long-Term Credit Rating of “a-” (Excellent) of Al Khaleej Takaful Insurance Company Q.P.S.C. (AKTI) (Qatar). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of “bb+” (Fair) to Protect Insurance PCC Limited (Protect) (Gibraltar). The outlook assigned to these Credit Ratings (ratings) is stable. Protect is an unincorporated cell company (UCC), with Cell Universal as its only operational cell. Both Protect and Cell Universal are owned by Universal Holdings (Guernsey) Limited.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) for the members of Plymouth Rock Assurance Group (PRAG). At the same time, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of the members of Plymouth Rock Home Assurance Group (PRHAG). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of members and ratings).

AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Beazley Insurance Designated Activity Company (BIDAC) (Ireland), Beazley Insurance Company, Inc. (BICI) (Farmington, CT), Beazley America Insurance Company, Inc. (Beazley America) (Farmington, CT), Beazley Excess and Surplus Insurance, Inc. (BESI) (Farmington, CT) and Beazley Bermuda Insurance Limited (Bermuda).

AM Best will deliver a presentation at the Reinsurance Association of America’s (RAA) “Re Underwriting 2026: The Art and Science of Reinsurance Underwriting – Fundamentals and Current Issues,” event, which will take place March 12-13, 2026, in Hamilton, Bermuda.

AM Best has commented that the Financial Strength Ratings of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of the main rated insurance subsidiaries of Zurich Insurance Group Ltd (Zurich) (Switzerland), as well as the Long-Term ICR of “a+” (Excellent) of Zurich (a non-operating holding company), remain unchanged following the announcement on March 2, 2026, that Zurich has made a binding offer for the acquisition of Beazley plc (Beazley).

While the U.S. life/annuity (L/A) insurance industry remains financially healthy, it is experiencing a decline in the quality of its capital driven by insurers’ utilization of soft capital, offshore and affiliated reinsurance approaches, according to a new AM Best report.

AM Best and Best’s Insurance Professional Resources will host a complimentary webinar, titled, “The Misuse Defense: Strategic Approaches to Defending Product Liability Claims for Insurers,” sponsored by HHC Safety Engineering Services and HHC Safety Consulting Services, Corporation, on Wednesday, April 1, 2026, at 2 p.m. (EDT). Register today.

AM Best affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of Transatlantic Reinsurance Company and its subsidiaries (collectively referred to as TransRe). In addition, AM Best has affirmed the Long-Term ICRs and the Long-Term Issue Credit Ratings (Long-Term IR) of “a+” (Excellent) of Alleghany Corporation (Alleghany) and Transatlantic Holdings, Inc. The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in New York, NY. (See below for a detailed listing of the companies and ratings.)

While the U.S. directors and officers (D&O) liability insurance segment has reaped the collective benefit of tighter risk selection, more disciplined underwriting and moderating premium decreases in recent years, competitive market conditions and an evolving liability risk landscape moving forward may constrain near-term profit margins, according to a new AM Best report.

AM Best assigned the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” (Good) to Redbridge Insurance Company (RIC) (Puerto Rico). The outlook assigned to the FSR is stable, while the outlook assigned to the Long-Term ICR is positive. Concurrently, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Redbridge Insurance Company Limited (RICL) (St. James, Barbados). The outlook of the FSR is stable, while the outlook of the Long-Term ICR is positive.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Seguros Universales, S.A. (Universales) (Guatemala).

Video playback is now available for a complimentary webinar titled “How Insurance Agents and Brokers Can Monitor Carrier Financial Strength and Key Industry Developments,” hosted by AM Best. Access it here.

AM Best has maintained the under review with positive implications status for the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Aspen Insurance UK Limited (United Kingdom), Aspen Bermuda Limited (Bermuda), Aspen American Insurance Company (Austin, TX) and Aspen Specialty Insurance Company (Bismarck, ND). Concurrently, AM Best has maintained under review with positive implications for the Long-Term ICR of “bbb” (Good) of Aspen Insurance Holdings Limited (Aspen) (Bermuda), a non-operating holding company, along with the Long-Term Issue Credit Ratings (Long-Term IRs) on the preference shares of Aspen, and the indicative Long-Term IRs under the company’s universal shelf registration. (Please see below for a detailed listing of the Long-Term IRs.)

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” (Good) of ICICI Lombard General Insurance Company Limited (ICICI Lombard) (India). Concurrently, AM Best has affirmed the India National Scale Rating (NSR) of aaa.IN (Exceptional) of ICICI Lombard with a stable outlook.

AM Best affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa+” (Superior) of RSUI Indemnity Company and its reinsured subsidiaries, collectively referred to as RSUI Group (RSUI) (headquartered in Atlanta, GA). The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and their ratings.)

AM Best has maintained its stable outlook on Japan’s life insurance segment, noting among other factors annualised premiums in force that are expected to remain broadly steady along with greater demand for savings-type products.

AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the newly issued $1 billion, 5.85% subordinated debentures, due March 15, 2056, issued by MetLife, Inc. (MetLife) (headquartered in New York, NY) [NYSE: MET]. The outlook assigned to this Credit Rating (rating) is stable. All other ratings of MetLife and its subsidiaries remain unchanged.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the insurance subsidiaries of Starr International Company, Inc. (SICO) (Switzerland), a private investment holding company. These Credit Rating (rating) actions apply to the members of Starr International Group (SIG) (New York, NY) and Starr Insurance & Reinsurance Limited (SIRL) (Bermuda), collectively referred to as Starr. (See below for a detailed list of the companies and ratings.)

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Somers Re Ltd. (Bermuda) and its subsidiaries: Watford Insurance Company Europe Limited (Gibraltar); Watford Specialty Insurance Company (New Jersey); and Axeria IARD (France). In addition, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of Somers Group Holdings Ltd. (Somers) (Bermuda), the group’s holding company. The outlook of these Credit Ratings (ratings) is positive.

AM Best and Best’s Insurance Professional Resources have released the latest installment of the Best's Insurance Law Podcast series, which examines timely insurance issues from a legal perspective.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of Primerica Life Insurance Company (Nashville, TN) and its affiliates, National Benefit Life Insurance Company (Long Island City, NY) and Primerica Life Insurance Company of Canada (Mississauga, Ontario), collectively referred to as Primerica Group. Additionally, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of Primerica, Inc. (Primerica) (headquartered in Duluth, GA) [NYSE: PRI], which is the holding company for the group’s insurance and non-insurance operating companies. AM Best also has affirmed the Long-Term Issue Credit Rating of “a-” (Excellent) on $600 million, 2.8% senior unsecured notes, due 2031, of Primerica. The outlook of all these Credit Ratings (ratings) is stable.

In the past 30 days, Best’s Review readers have been most interested in the following insurance news coverage:

Total insured losses from two significant U.S. winter storms in 2026 are expected to carve into first-quarter earnings of property/casualty insurers; however, AM Best expects the industry segment to be able to manage the impacts.

AM Best is revising its outlook for Germany’s life insurance segment to stable from negative.

AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating (FSR) to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “aa-” (Superior) of Travelers Insurance Company of Canada (TICC). At the same time, AM Best has removed from under review with developing implications and affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of The Dominion of Canada General Insurance Company (Dominion). The outlook assigned to these Credit Ratings (rating) is stable. Dominion and TICC are domiciled in Toronto, Ontario, Canada.

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) for the members of Mercury Casualty Group (Mercury). Concurrently, AM Best has revised the outlook to stable from negative and affirmed the Long-Term ICR of “bbb” (Good) of the organization’s publicly traded ultimate parent, Mercury General Corporation (MGC) (Los Angeles, CA) [NYSE: MCY]. AM Best has also revised the outlook to stable from negative and affirmed the Long-Term Issue Credit Rating of “bbb” (Good) of MGC’s $375 million, 4.4% senior unsecured notes, due 2027. (Please see below for a detailed list of Mercury’s member companies.)

AM Best is revising its outlook for Germany’s non-life insurance segment to stable from negative.

The U.S. property/casualty (P/C) industry produced its strongest performance of the past decade in 2025, reflecting the combined benefits of improved pricing and investment income, offsetting persistent pressure on claim costs and liability-driven volatility, according to a new AM Best report.

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of CL Life and Annuity Insurance Company (CL Life) (Fort Worth, TX). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has upgraded the Financial Strength Rating (FSR) to A++ (Superior) from A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa+” (Superior) from “aa” (Superior) for the members of RLI Group (RLI). In addition, AM Best has upgraded the Long-Term ICR to “a+” (Excellent) from “a” (Excellent) of RLI’s publicly traded parent holding company, RLI Corp. [NYSE: RLI]. The outlook of these Credit Ratings (ratings) has been revised to stable from positive. All companies are headquartered in Peoria, IL. (See below for a detailed listing of the companies and ratings.)

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a-” (Excellent) to the recently announced CAD 250 million, 3.784% senior unsecured medium-term notes, due February 2038, issued by Intact Financial Corporation (Intact) (Toronto, Ontario, Canada). At the same time, AM Best also has assigned a Long-Term IR of “bbb” (Good) to the recently announced CAD 250 million, 5.642% subordinated notes, due March 2086, also issued by Intact. The outlook assigned to these Credit Ratings is stable.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Ma’aden Re Limited (MRE) (United Arab Emirates), a captive reinsurer of Saudi Arabian Mining Company (Ma’aden) (Saudi Arabia). The outlook of these Credit Ratings (ratings) is stable.

AM Best will participate in a panel discussion during the Association of Insurance and Financial Analysts (AIFA) annual conference, which will take place March 1-3, 2026, in Naples, FL, at the Naples Grande Beach Resort.

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Puritan Life Insurance Company of America (Puritan) (Scottsdale, AZ). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Aliado Seguros S.A. (Aliado) (Panama).

AM Best has revised the Financial Strength Rating (FSR) outlook to negative from stable and the Long-Term Issuer Credit Rating (Long-Term ICR) outlook to negative from positive and affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) for Florida Lawyers Mutual Insurance Company (FLMIC) (Oviedo, FL).

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of RoyalStar Assurance Ltd. (RSA) (Nassau, The Bahamas). The outlook of these Credit Ratings (ratings) is stable.

The February issue of Best’s Review includes the following exclusive rankings:

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of PMG Assurance Ltd. (PMG) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Rural Trust Insurance Company (RTIC) (Dallas, TX), and its newly added subsidiary, National Telcom Corporation (NTC) (Burlington, VT). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of EyeMed Insurance Company (EIC) (Phoenix, AZ), a subsidiary of EssilorLuxottica [EL: PA]. The outlook of these Credit Ratings (ratings) is stable.

AM Best has commented on the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) of Blue Cross Blue Shield of Michigan Mutual Insurance Company (Detroit, MI) and Blue Care Network of Michigan (Southfield, MI) (collectively known as BCBS MI). The outlook of these Credit Ratings (ratings) is negative (see related press release).

AM Best has placed under review with developing implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) of the members of AF Group (Lansing, MI).

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Park Assurance Company (Park) (Colchester, VT). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Compañía Internacional de Seguros, S.A. (CIS) (Panama City, Panama). The outlook of these Credit Ratings (ratings) is stable.

AM Best has commented that the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Rating of “aaa” (Exceptional) of Teachers Insurance and Annuity Association of America (TIAA) remain unchanged following TIAA’s announcement that Nuveen, a TIAA Company, has entered into a cash acquisition of Schroders plc (Schroders).

Ratings of (re)insurers in Europe, the Middle East and Africa (EMEA) showed improvement in 2025, according to a new report from AM Best.

The U.S. economy entered 2026 from a position of relative strength, continuing to outperform most advanced economies in 2025, a theme that is expected to persist in the coming year, according to a new AM Best report.

AM Best has commented that the Credit Ratings (ratings) of Cavello Bay Reinsurance Limited (Cavello Bay) (Bermuda), a subsidiary of Enstar Group Limited (ENSTAR) (Bermuda), are unchanged following Enstar’s announcement that it has entered into a definitive stock purchase agreement to acquire 100% of the shares of Accident Fund Holdings, Inc. (AF Group) from Blue Cross Blue Shield of Michigan (headquartered in Lansing, MI).

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Federated Underwriting Company (Federated) (Colchester, VT).

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Covéa Coopérations (France), the intermediate operating holding company of Société de Groupe d’Assurance Mutuelle Covéa (Covéa or the group), a leading mutual insurance group in France. The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the operating subsidiaries of PartnerRe Ltd. (collectively referred to as PartnerRe). Concurrently, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of PartnerRe Ltd. (Pembroke, Bermuda). The outlook of these Credit Ratings (ratings) is stable.

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 SCOR SE (SCOR) (France) and its main rated subsidiaries. Additionally, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IR) of debt instruments issued or guaranteed by SCOR. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of companies and ratings.)

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of the U.S. life/health (L/H) subsidiaries of Aegon Ltd. (Bermuda) [NYSE: AEG]. Aegon Ltd.’s U.S. L/H companies are Transamerica Life Insurance Company (Cedar Rapids, IA) and Transamerica Financial Life Insurance Company (Harrison, NY) both referred to as Aegon USA Group (Aegon USA). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Atlantic Re (Morocco). The outlook of the FSR is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Liva Insurance B.S.C. (c) (Liva Bahrain) (Bahrain) and Liva Insurance SAOC (Liva Oman) (Oman). The outlook of these Credit Ratings (ratings) is negative. These companies are key operating subsidiaries of Liva Group SAOG, collectively referred to as Liva Group.

AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) to AXIS Specialty Insurance Limited (ASIL) (Pembroke, Bermuda), a subsidiary of AXIS Capital Holdings Limited (Axis Capital). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Himalayan Reinsurance Limited (Himalayan Re) (Nepal). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” (Superior) of RGA Reinsurance Company (Chesterfield, MO), RGA Americas Reinsurance Company Ltd (Bermuda), RGA Life Reinsurance Company of Canada (Toronto, Canada), Aurora National Life Assurance Company (Chesterfield, MO) and RGA Life and Annuity Insurance Company (RLAC) (Chesterfield, MO). These companies are subsidiaries of Reinsurance Group of America, Incorporated (Chesterfield, MO) [NYSE: RGA] and collectively referred to as RGA. AM Best also has affirmed the Long-Term ICR of “a-” (Excellent) and all Long-Term Issue Credit Ratings (Long-Term IR) on the debt securities and indicative shelf ratings of Reinsurance Group of America, Incorporated. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the Long-Term IRs.)

AM Best has released newly updated tables of net capital charges associated with a representative sample of transactions from Fannie Mae and Freddie Mac’s credit risk transfer (CRT) programs—Freddie Mac’s Agency Credit Insurance Structure (ACIS) and Fannie Mae’s Credit Insurance Risk Transfer (CIRT). These tables also highlight some of the key components of the factor-based method used to calculate net capital charges in the Best’s Capital Adequacy Ratio (BCAR) model.