Mubasher: A.M. Best has affirmed Union Insurance Company’s Financial Strength Rating (FSR) at ‘B++’ (Good), and the Long-Term Issuer Credit Rating (Long-Term ICR) at ‘bbb’.
The outlook on the FSR remains stable, while the outlook on the Long-Term ICR remains positive, according to a recent statement.
The ratings reflect the company’s strong technical profitability, robust risk-adjusted capitalization, and solid business profile.
“The positive outlook on the Long-Term ICR reflects A.M. Best’s expectation that management action, aimed at de-risking Union’s balance sheet, will lead to improved risk-adjusted capitalisation and more stability in earnings, which may drive a positive rating action,” the statement said.
