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FOR IMMEDIATE RELEASE
OLDWICK - MARCH 10, 2023 04:22 PM (EST)
AM Best has placed under review with negative implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Universal North America Insurance Company (UNAIC) (Arlington, TX).
The Credit Ratings (ratings) have been placed under review with negative implications due to a delay of UNAIC’s year-end 2022 annual statement filing. The negative implications take into consideration the uncertainty surrounding the balance sheet strength and operating performance assessments.
UNAIC’s ratings had negative outlooks prior to them being placed under review based on concerns regarding the volatile results and the potential for a change in their business profile. In addition, there is uncertainty at the enterprise level due to issues at an affiliated company. The ratings will remain under review until AM Best can analyze the company’s year-end 2022 results.
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.