AES Global Insurance Company (AGIC) has had its long-term issuer credit rating upgraded to “bbb+” from “bbb” and its financial strength rating of B++ (Good) affirmed by A.M. Best.
The outlook of these credit ratings is stable.
According to A.M. Best, the upgrade of the issuer credit rating reflects AGIC’s balance sheet strength, which the ratings agency categorises as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The rating upgrade reflects the parent’s, AES Corporation, continued improved business profile.
A.M. Best said the ratings reflect AGIC’s continued favourable operating trends and risk-adjusted capitalisation, sound risk management capabilities with a focus on sustaining improving capitalisation, underwriting performance and conservative balance sheet strategies.
The ratings also consider AGIC’s role as a single-parent captive and the implied support provided by its AES, a global power company with a diverse portfolio of electricity generation and distribution businesses operating in 17 countries.
