JUNE 18, 2021 11:00 AM (EDT)
AM Best Revises Issuer Credit Rating Outlook to Stable for Energy Insurance Mutual Limited
|Fred Eslami |
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+1 908 439 2200, ext. 5325
Manager, Public Relations
+1 908 439 2200, ext. 5159
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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 18, 2021 11:00 AM (EDT)
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Energy Insurance Mutual Limited (EIM) (Bridgetown, Barbados). The outlook of the Long-Term ICR has been revised to stable from positive, while the outlook of the FSR is stable.
The Credit Ratings (ratings) reflect EIM’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The stable Long-Term ICR outlook reflects EIM’s overall favorable operating performance, which AM Best expects to continue to enhance the company’s already solid balance sheet strength, despite the volatile nature of the business it writes. These rating factors are derived from EIM’s specialized expertise in providing insurance and risk management information and services to its members from the energy utility sector, as well as its ability to generate business opportunities through its niche market strategy. As a result of its strategy, EIM has strong member retention. The company remains committed to growth in capital and surplus, a well-diversified investment portfolio, and a focus on the long-term stability of the organization for its members.
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.