Best’s News & Research Service - March 09, 2023 09:43 AM (EST)
AM Best Affirms Credit Ratings of Fortegra Europe Insurance Company Limited
- March 09, 2023 09:43 AM (EST)
Amsterdam //BestWire// - AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Fortegra Europe Insurance Company Limited (FEI) (Malta). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect FEI’s inclusion as a member of the lead rating unit of Fortegra P&C Group, which has a balance sheet strength that AM Best assess as very strong, as well as adequate operating performance, neutral business profile and appropriate enterprise risk management.
FEI is strategically important to Fortegra P&C Group as its carrier for European warranty and specialty motor insurance business. Fortegra Financial Corporation (FFC) is a U.S. insurance group specialising in program underwriting for personal and commercial lines property/casualty business. FEI, established in 2018, is a Malta-incorporated startup subsidiary of FFC with a track record of financial and operational support from FFC.
FEI plays a strategically important role in expanding FFC’s operations into Europe. FEI shares branding and management with its parent. FFC’s support was demonstrated by multiple capital contributions to FEI between 2019 and 2022, and AM Best expects that it will provide further capital support as needed.
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 specialising 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.