Press Release - DECEMBER 21, 2018
AM Best Affirms Credit Ratings of Philadelphia Insurance Companies’ Members
FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 21, 2018
The ratings reflect Philadelphia Insurance Companies’ balance sheet strength, which AM Best categorizes as strongest, as well as its very strong operating performance, favorable business profile and very strong enterprise risk management (ERM).
The group has recorded operating performance favorable to peer companies and the industry over multiple time periods and insurance market cycles. Retained earnings and expansion of the invested asset base provide depth and breadth in its balance sheet. The ratings also recognize the group’s position as a well-established market leader in specialty markets, exceptionally diversified by jurisdiction, product lines, market segments and distribution channels. The ratings also consider the operational, financial and ERM support provided by Tokio Marine & Nichido Fire Insurance Co., Ltd., which is the lead insurance operating company in the Tokio Marine Holdings, Inc. organization. These factors include day-to-day operational synergies across its U.S.-based subsidiaries, reinsurance support and economic capital modeling that is superior to peer companies.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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