SEPTEMBER 23, 2022 10:35 AM (EDT)
AM Best Assigns Credit Ratings to NEIL Overseas Designated Activity Company
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Senior Financial Analyst
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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 23, 2022 10:35 AM (EDT)
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) to NEIL Overseas Designated Activity Company (NEIL Overseas) (Ireland). The outlook assigned to these Credit Ratings (ratings) is stable.
The rating assignments reflect a full rating enhancement afforded to NEIL Overseas as a newly added group member of Nuclear Electric Insurance Limited (NEIL). The ratings reflect the group’s balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, favorable business profile and appropriate enterprise risk management.
NEIL Overseas was founded in 1998 as a wholly owned subsidiary of NEIL to underwrite insurance programs for nuclear power stations within the European Union. NEIL Overseas benefits from its association with NEIL, with a board of directors composed of members of NEIL’s leadership team, integrated loss prevention and claims teams, reinsurance support and the strong reputation of NEIL within the industry.
The ratings assigned to NEIL Overseas also reflect the existence of explicit financial support from NEIL in the form of an excess of loss reinsurance agreement.
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.