JUNE 09, 2021 01:23 PM (EDT)
AM Best Places Credit Ratings of Aegis Security Insurance Company Under Review With Negative Implications
|David Braisted |
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+1 908 439 2200, ext. 5125
Manager, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 09, 2021 01:23 PM (EDT)
AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Aegis Security Insurance Company (Aegis) (Harrisburg, PA).
Aegis is currently in the process of reorganizing its ownership and premium writings through a number of different transactions, which are contingent on regulatory approval. The ultimate outcome of these events on the company is uncertain. The Credit Rating (rating) outlooks for Aegis had previously been negative, and the under review with negative implications status reflects AM Best’s concern regarding the prospective balance sheet strength, operating performance and the organization’s changing business profile. Resolution of the under review status will occur once these transactions are completed and the post-transaction business plans are analyzed.
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 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.
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.