A. M. Best Company & The Rating Process

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1 A. M. Best Company & The Rating Process Raymond J. Thomson, ARe, ARM Senior Financial Analyst, Property/Casualty Ratings Oldwick NJ

2 Disclaimer AM Best Company (AMB) and/or its licensors and affiliates. All rights reserved. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT AMB s PRIOR WRITTEN CONSENT. All information contained herein is obtained by AMB from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. Under no circumstances shall AMB have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of AMB or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if AMB is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The credit ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities, insurance policies, contracts or any other financial obligations, nor does it address the suitability of any particular financial obligation for a specific purpose or purchaser. Credit risk is the risk that an entity may not meet its contractual, financial obligations as they come due. Credit ratings do not address any other risk, including but not limited to, liquidity risk, market value risk or price volatility of rated securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY AMB IN ANY FORM OR MANNER WHATSOEVER. Each credit rating or other opinion must be weighed solely as one factor in any investment or purchasing decision made by or on behalf of any user of the information contained herein, and each such user must accordingly make its own study and evaluation of each security or other financial obligation and of each issuer and guarantor of, and each provider of credit support for, each security or other financial obligation that it may consider purchasing, holding or selling. 2

3 Who We Are Established in 1899, A.M. Best is the premier global rating agency and information source for the insurance industry Global presence: A.M. Best Company (North & South America) A.M. Best Europe (U.K, Europe, Middle East) A.M. Best Asia-Pacific (Far East, N.Z., Australia) A.M. Best America Latina (Latin America) Representative offices in Dubai and Singapore Leading world-wide provider of: Ratings over 8,700 published ratings News Services & Publications reference books, periodicals, newsletters, electronic services Information products, services and databases 3

4 What We Rate Insurance companies, health maintenance organizations, holding companies of these organizations and debt and debt-like instruments issued by these organizations: Financial Strength Ratings - an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. This rating is assigned to insurance companies Issuer Credit Ratings - an independent opinion of an issuer/entity's ability to meet its ongoing senior financial obligations. This rating is assigned to insurance companies and related holding companies and other legal entities authorized to issue financial obligations Debt Ratings - an independent opinion of an issuer's ability to meet its ongoing financial obligations to security holders when due. This rating is assigned to the debt securities and insurance-linked securities transactions of the entities rated by A.M. Best 4

5 Financial Strength Ratings Secure Ratings Vulnerable Ratings A++, A+ A, AB++, B+ Superior Excellent Good B, BC++, C+ C, CD E F Fair Marginal Weak Poor Under Regulatory Supervision In Liquidation 5

6 FSR & ICR Equivalents 6

7 Users of Best s Ratings Insurance Companies Agents Brokers Regulators Policyholders Financial Institutions Investors Academics Employee Benefits Managers Boards of Directors Corporate Risk Managers Consultants Consumers Reinsurers Captive/Alternative Risk Managers Debt and Equity Research Analysts Investment Professionals Government Agencies 7

8 A.M. Best Interactive Rating Process 8

9 Best s Rating Process Interactive, ongoing review of company fundamentals Review includes wide variety of both quantitative & qualitative information Primary Credit Analyst primary relationship manager Team Leader provides guidance and support to the Primary Analyst Rating Committee (RC) Members include team leaders and rating division management RC reviews all rating actions RC employs analytical guidelines, policy and procedures established by Credit Rating Policy Committee (CRPC) 9

10 Rating Events Scheduled Review Rating action following annual meeting and review Event Driven Potential rating action outside the scheduled cycle Reflects impact of a material financial or strategic event, or emerging trend Could result in rating action, under review status, or comment without rating action Debt Only Rating action (Debt rating only) outside the annual cycle New security is issued or existing security withdrawn 10

11 The Management Meeting Agenda CEO Strategic Overview Corporate Governance Organisational Structure Capital Structure Underwriting Claims & Loss Reserving Reinsurance Programs Investments Financial Review & Planning Enterprise Risk Management Marketing & Business Production Cyber Security 11

12 A.M. Best s Credit Rating Process Primary objective is to provide an opinion of the rated entity s ability to meet its senior financial obligations Analysis includes an in-depth evaluation of a company s balance sheet strength, operating performance and business profile. Analysis should be on both a top-down and bottom-up basis. Incorporate a host of quantitative and qualitative measures that Analysis also includes comparisons with peers, industry standards and benchmarks 12

13 Ratings Methodology INSURANCE COMPANY FINANCIAL STRENGTH Balance Sheet Strength Operating Performance Business Profile Enterprise Risk Management Rating 13

14 Balance Sheet Strength Capitalization Capital Structure Quality Financial Leverage Underwriting Leverage Premium Writing, Reinsurance & Loss/Policy Reserve Practices Asset Allocation, Quality & Diversification of Portfolio Asset Leverage-exposure to investment & credit risk Best s Capital Adequacy Ratio (BCAR) Underwriting, Financial & Asset Leverage Stressed scenarios catastrophic, economic Liquidity Quality/Appropriateness/Soundness of Reinsurance Adequacy of Policy/Loss/Claim Reserves 14

15 Operating Company Analysis Operating performance is important as profitability is the engine that ultimately drives capital Analysis centers on the stability and sustainability of the company s sources of earnings in relation to liabilities that the company retains Areas reviewed should include underwriting, investments, capital gains/losses and total operating earnings, both before and after tax Length and nature of insurance liability risks and how these elements relate to the company s operating mission are also important in evaluating profitability Analysis focuses on the degree of volatility in earnings and the impact this could have on capitalization and balance sheet strength 15

16 Business Profile Business profile is an important element in rating process: Impacts current and future operating performance and, in turn, long-term financial strength and the company s ability to meet its obligations to policyholders Key business profile tests: Spread of risk Revenue composition Competitive market position Management Insurance market risk Event risk 16

17 Enterprise Risk Management ERM is the process through which insurers identify, quantify, and manage risk on an enterprise wide, holistic basis ERM is based on increasing value to shareholders and providing financial security to the organization Embedded throughout analysis 17

18 Risk Management Risk management is the common thread that links Balance sheet strength Operating performance Business profile Risk management fundamentals can be found in a company s Strategic decision making process Financial management and control practices Daily operating procedures 18

19 Bringing it all Together Balance sheet strength is most important Sustained, stable operating profitability ensures future strength Well-diversified, strong business profile ensures stability and profitability Risk Management links strategy to factors above Management depth, experience and stability influences profile 19

20 Performance & Profile Drive Balance Sheet Strength Operating Performance and Business Profile Leading Indicators of the Future Balance Sheet Balance Sheet Strength Strong Operating Performance Builds Balance Sheet Strength Business Profile Drives Strong and Sustainable Operating Performance BCAR Guideline Weak Operating Performance Erodes Balance Sheet Strength Balance Present Sheet date Future Time 20

21 A.M. Best s Rating Approach Holding Company Top Down Operating Company ICR Bottom Up Insurance Operations 21

22 Segment Outlooks Commercial Personal 22

23 Commercial Lines Outlook - Negative Gap widens between strong performers and underperformers Uncertain loss reserve adequacy Low investment yields Increased catastrophe loss potential Rate increases moderate Offsetting Factors: Capitalization still solid Improving economic conditions Risk management strides in the past ingrained in decision making 23

24 Personal Lines Outlook - Stable Strong capitalization Consistent auto results Weather volatility effectively addressed Embedded risk management Offsetting Factors: Robust pricing segmentation is required Distribution under pressure Scale and efficiency becoming increasingly important differentiator Longer-term impact on those not adequately addressing market dynamics today

25 Questions 25

26 Thank You Raymond J. Thomson, ARe, ARM Senior Financial Analyst, Property/Casualty Ratings Oldwick NJ

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