Best’s News & Research Service - December 22, 2022 02:12 PM (EST)
AM Best Removes From Under Review, Upgrades Ratings of Bondex Ins Co; Assigns Ratings to Building Industry Ins Association
- December 22, 2022 02:12 PM (EST)
Oldwick //BestWire// - AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating (FSR) to A (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “bbb” (Good) of Bondex Insurance Company (Bondex) (Florham Park, NJ). At the same time, AM Best has assigned an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent) to Building Industry Insurance Association (BIIA) (Norfolk, VA). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Bondex and BIIA’s inclusion as members of Builders Insurance Group, which has a balance sheet strength that AM Best assesses as very strong, as well as adequate operating performance, neutral business profile and appropriate enterprise risk management.
Bondex and BIIA are considered part of the Builders Insurance Group rating unit based on operational support, strategic importance to the group’s strategy, and explicit support provided through an intercompany reinsurance agreement. Bondex and BIIA are fully owned by Builders Insurance (A Mutual Captive Company), and the parent maintains ultimate senior management responsibility for the companies.
The remaining members of the Builders Insurance Group maintain an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent). The outlook of these ratings is stable and remains unchanged.
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.