AM Best Affirms Insurer Ratings, Revises Texas Outlooks
AM Best affirmed Arab War Risks Insurance Syndicate’s B++ financial strength and “bbb+” issuer credit ratings with stable outlooks, citing very strong capitalization and strong operating performance, partly offset by reliance on retrocession and a limited business profile. StarStone Insurance SE’s A- and “a-” ratings were affirmed with stable outlooks; very strong capitalization and support from parent Enstar bolster its ratings, while its operating performance has been marginal, though AM Best expects improvement. Hanover Fire & Casualty’s B+ and “bbb-” ratings were affirmed with stable outlooks and removed from negative review after added reinsurance improved its risk-adjusted capitalization, although its overall balance-sheet assessment remains adequate. For Texas Farm Bureau Insurance Group, AM Best affirmed B++ and “bbb+” ratings and changed the issuer-credit outlook to stable from negative, pointing to improved results from rate increases and underwriting changes, alongside more favorable weather; operating performance remains marginal and weather exposure continues to pose risk.