OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit rating of “a” of Sirius America Insurance Company (Sirius America) (New York, NY). The outlook for both ratings is stable.
The ratings of Sirius America reflect its enhanced risk management strategy, its strategic importance to its parent, Sirius International Group Ltd., long-term market presence and excellent level of risk-adjusted capitalization. As a result of the organization’s global strategies, Sirius America has improved its overall performance, increased brand awareness and enhanced its capital position. However, a positive long-term trend has yet to be fully established. Recent favorable underwriting results, along with net realized capital gains have increased overall capital for the company.
Offsetting these positive rating factors is the historical volatility in Sirius America’s overall operating performance. However, currently, Sirius America is a wholly-owned subsidiary of Sirius International Insurance Corporation (Sirius International) (Stockholm, Sweden) and benefits from accident year stop loss and capital maintenance agreements with Sirius International.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Catastrophe Analysis in A.M. Best Ratings”; “Understanding BCAR for Property/Casualty Insurers”; and “Rating Members of Insurance Groups.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
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A.M. Best Co.
Gale Guerra, 908-439-2200, ext. 5069
Senior Financial Analyst
John Andre, 908-439-2200, ext. 5619
Group Vice President
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
Source: A.M. Best Co.