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AM Best upgrades Aspen reinsurance subsidiaries to A+
The ratings outlook is stable for the Financial Strength Rating, while Long-Term ICR outlooks are positive.
AM Best upgraded the Financial Strength Rating (FSR) of Bermuda-based re/insurer Aspen and several of its subsidiaries to A+ (Superior) from A (Excellent). The Financial Strength Rating outlook is stable, following earlier placement of the companies under review with positive implications.
AM Best also changed the Long-Term Issuer Credit Ratings for Aspen to aa- (Superior) from a (Excellent). It issued separate outlooks, with the outlooks for the Long-Term ICRs described as positive.
The upgrade covers Aspen Insurance UK Limited, Aspen Bermuda Limited, Aspen American Insurance Company, and Aspen Specialty Insurance Company. AM Best also upgraded the Long-Term ICR of Aspen Insurance Holdings Limited, a non-operating holding company, to a- (Excellent) from bbb (Good) and removed it from under review with positive implications.
In explaining the decision, AM Best said the ratings reflect Sompo Japan Insurance Inc.'s consolidated balance sheet strength assessed as “strongest,” as well as strong operating performance, a favourable business profile, and appropriate enterprise risk management. The agency linked the removal from review and rating enhancements to the completion of Sompo Holdings' acquisition of Aspen, and its review of future business and integration plans.