AM Best has affirmed the financial strength rating of “A” (Excellent) and the long-term issuer credit rating of “a” (Excellent) of Vermont-domiciled AES Global Insurance Company (AGIC). AGIC is a wholly-owned single-parent captive insurer of the US energy company The AES Corporation. The outlook of these credit ratings is stable. The ratings reflect AGIC’s balance sheet strength, which AM Best assesses as “very strong”, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. AGIC continues to demonstrate strong operating performance through its favourable underwriting results and benefiting from inherently low expense structures, according to the ratings company. AM Best says the ratings also reflect AGIC’s sound risk management capabilities with a focus on sustaining improving capitalisation, underwriting performance and conservative balance sheet strategies.
