MSIG USA, the U.S. insurance subsidiary of global insurer MS&AD Insurance Group Holdings, Inc., announced that its newly launched excess and surplus (E&S) line carrier MSIG Specialty Insurance America, Inc. has been assigned an A+ (Senior) financial strength rating and an ‘aa’ (Senior) long-term issuer credit rating by AM Best.
The ratings agency also affirmed the same ratings for MSIG USA’s existing insurers and maintained a stable outlook for all entities.
MSIG USA said the new rating marks an important milestone for MSIG Specialty Insurance America, Inc., which was established to support the company’s expanding E&S business in the United States. The insurer is also included in the group’s existing pooling arrangements with its other insurance subsidiaries.
MSIG USA said the newly assigned ratings place MSIG Specialty Insurance America, Inc. on par with its legacy insurers, enhancing the organization’s ability to serve brokers and customers in admitted and non-admitted markets.
In its assessment, AM Best highlighted the strategic importance of the new insurer within the wider MS&AD Insurance Group. MSIG USA said the ratings agency also noted that the group had the highest level of risk-adjusted capital, stable operating performance, a strong business profile and an enterprise risk management framework in place. AM Best further noted that MS&AD continues to invest in developing its specialty insurance platform and expanding its presence in the U.S. market, according to the company.
In addition to the new rating assignments, AM Best has reaffirmed the A+ (Senior) financial strength rating and ‘aa’ (Senior) long-term issuer credit rating of Mitsui Sumitomo Insurance Company of America, Mitsui Sumitomo Insurance USA, Inc. and MSIG Specialty Insurance USA, Inc.
MSIG USA said the rating is also supported by policyholder surplus of approximately $2.1 billion and being one of the largest property and casualty insurance groups in the world.
Peter McKenna, CEO of MSIG USA, commented: “The affirmation of our existing A+ rating and the assignment of an A+ rating to MSIG Specialty Insurance America, Inc. are a testament to the strength of our platform and confidence in our long-term strategy. As we continue to grow in the access and E&S markets, we are building the capabilities that our brokerage partners and clients need while maintaining the financial strength, underwriting expertise and global reach that have long been the foundation of our business.”
MSIG USA said the addition of MSIG Specialty Insurance America, Inc. strengthens its ability to provide flexible E&S solutions while expanding the range of specialty products available to brokers and policyholders. The company added that the new insurer complements its recognized market offerings and supports its broader growth strategy in specialty insurance.
