JANUARY 19, 2023 05:09 PM (EST)
AM Best Revises Outlooks to Stable for the Members of American European Insurance Group
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FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 19, 2023 05:09 PM (EST)
AM Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) for Rutgers Casualty Insurance Company and American European Insurance Company, which operate an intercompany reinsurance pooling agreement, and are collectively known as AEIG or the group. Both companies are headquartered in Cherry Hill, NJ.
These Credit Ratings (ratings) reflect AEIG’s balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
The revision in outlook to stable considers asset concentration within the investment portfolio and significant unrealized losses in 2022.
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.