A.M. Best Affirms Ratings of Allianz Global Risks US Insurance Company and Its Subsidiaries Business Wire OLDWICK, N.J. -- July 10, 2013 A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) and issuer credit ratings of “aa-” of Allianz Global Risk US Insurance Company, Allianz Underwriters Insurance Company and AGCS Marine Insurance Company (AGCS) (collectively referred to as AGCS NA) (Chicago, IL). The outlook for all ratings is stable. The ratings reflect AGCS NA’s supportive level of risk-adjusted capitalization, strong business franchise and solid operating performance. The ratings also reflect AGCS NA’s strategic importance to AGCS’s global industrial and specialty lines operations and the implicit support of the organization’s ultimate parent, Allianz Societas Europaea (Allianz SE) (Germany). Offsetting these positive rating factors are the underwriting losses experienced by AGCS NA in several recent years, driven by significant aviation, fire and weather-related events. Furthermore, AGCS NA reported a decline in surplus in 2012, due to the transfer of equity ownership of Fireman’s Fund Insurance Company (Novato, CA) to Allianz of America Inc. (Delaware) from AGCS NA. Despite these offsetting considerations, the stable outlook reflects the ongoing support from Allianz SE and A.M. Best’s expectation of continued favorable operating profits over the near term. Future positive rating actions may result if AGCS NA outperforms its peers over an extended period. However, negative rating actions could result if operating performance falls markedly short of A.M. Best’s expectation, if there is a considerable deterioration in risk-adjusted capitalization or if there is a reduction in AGCS NA’s strategic importance to Allianz SE. The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED. Contact: A.M. Best Co. Adrienne Tortoriello, 908-439-2200, ext. 5088 Senior Financial Analyst email@example.com or Jennifer Marshall, 908-439-2200, ext. 5327 Managing Senior Financial Analyst firstname.lastname@example.org or Rachelle Morrow, 908-439-2200, ext. 5378 Senior Manager, Public Relations email@example.com or Jim Peavy, 908-439-2200, ext. 5644 Assistant Vice President, Public Relations firstname.lastname@example.org
A.M. Best Affirms Ratings of Allianz Global Risks US Insurance Company and Its Subsidiaries
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