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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 16, 2023 12:06 PM (EDT)
AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) to Beazley Excess and Surplus Insurance, Inc. (BESI) (Farmington, CT). BESI is a newly formed, wholly owned subsidiary of Beazley Holdings, Inc. (BHI), a non-operating holding company of Beazley plc (Beazley). The outlook assigned to the FSR is stable, while the outlook assigned to the Long-Term ICR is positive.
The Credit Ratings (ratings) reflect Beazley’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of BESI reflect the entity’s role and strategic importance to Beazley as an excess and surplus writer in the United States. The company benefits from full integration into the group’s operations and management, as well as explicit and implicit support given to BESI, including capital commitments and reinsurance.
BESI received its Certificate of Incorporation from the state of Connecticut in 2023. The establishment of BESI will give Beazley the opportunity to offer its U.S. clients domestic surplus lines paper and further develop its North American platform in line with its current strategy. Initially BESI will offer cyber and property products and will add a full suite of specialty, marine, contingency and political risks in the near future. BESI will use the same operational capabilities of the existing U.S. Beazley entities.
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 Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.