A.M. Best Raises Allied World’s Ratings
Ratings agency A.M. Best Co. this week raised ratings for is a Bermuda-based specialty insurance and reinsurance company Allied
Bermuda’s Allied World Assurance Co. Ltd. and its affiliates, subsidiaries of the Swiss insurer of the same name with operations in Farmington.
Best announced it raised to positive from stable and affirmed the issuer credit ratings (ICR) of “a” of Allied World and affirmed the financial strength rating of A (Excellent) of Allied and its affiliates. The outlook for the FSR is stable.
In addition, Best has revised the outlook to positive from stable and affirmed the ICR of “bbb” as well as the debt ratings of “bbb” on $500 million 7.5 percent senior unsecured notes due 2016 and on $300 million 5.5 percent senior unsecured notes due 2020 of Allied World Holdings Bermuda.
Best also has assigned an ICR of “bbb” to parent Allied World Assurance Company Holdings AG, as guarantor of the Bermuda affiliate’s debt. The outlook assigned to this rating is positive
If I read the report right, the headline is wrong. No ratings were raised, according to the report above. All that happened was one rating was affirmed, and the outlook on another was changed to positive from stable.