OLDWICK – DECEMBER 16, 2022 03:33 PM (EST) AM Best has revised the outlooks to positive from stable for the Long-Term Issuer Credit Ratings (Long-Term ICRs) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of American International Group, Inc.’s (AIG) property/casualty (P/C) insurance subsidiaries (collectively referred to as AIG PC).
AM Best views AIG PC’s operating performance as marginal. The group’s historical combined and operating ratios have lagged composite peers materially. However, the positive Long-Term ICR outlook recognizes that the group’s operating performance has demonstrated a steady improving trend in more recent years, attributable to numerous underwriting and risk management initiatives, as well as continued positive pricing momentum in most key business lines.
The FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have been affirmed, with the outlook for the Long-Term ICRs revised to positive from stable and the FSR outlook maintained at stable for the following P/C subsidiaries of AIG, which are collectively referred to as the AIG PC:
- National Union Fire Insurance Company of Pittsburgh, PA
- American International Group UK Limited
- American Home Assurance Company
- Lexington Insurance Company
- Commerce and Industry Insurance Company
- AIG Property Casualty Company
- The Insurance Company of the State of Pennsylvania
- New Hampshire Insurance Company
- Illinois National Insurance Company
- AIG Specialty Insurance Company
- AIU Insurance Company
- AIG Assurance Company
- AIG Insurance Company – Puerto Rico
- AIG Insurance Company of Canada
- AIG Insurance Hong Kong Limited
- Granite State Insurance Company
- Tudor Insurance Company
- Stratford Insurance Company
- Western World Insurance Company
- Blackboard Specialty Insurance Company
- Blackboard Insurance Company
- American International Reinsurance Company, Ltd.
- AIG Asia Pacific Insurance Pte. Ltd.
- Validus Reinsurance, Ltd.
- Validus Reinsurance (Switzerland) Ltd.