Ratings Definitions Best, Moody s, Fitch, S&P and DRA
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1 BEST BEST's Financial Size Category Rating Definition A.M. Best assigns a Financial Size Category (FSC) to each letter rated company. The FSC is designed to provide you with a convenient indicator of the size of a company in terms of its year-end statutory surplus and related accounts. Many insurance buyers consider buying insurance coverage from companies that they believe have the sufficient financial capacity to provide the necessary policy limits to insure their risks. Best's Financial Size Category is based on reported policyholders' surplus plus conditional or technical reserve funds, such as the asset valuation reserve (AVR), other investment and operating contingency funds and miscellaneous voluntary reserves reported as liabilities. The FSC is represented by Roman numerals ranging from Class I (the smallest) to Class XV (the largest). Financial Size Category Adjusted Policyholders Surplus ($ Millions) Class I Less than 1 Class II 1 to 2 Class III 2 to 5 Class IV 5 to 10 Class V 10 to 25 Class VI 25 to 50 Class VII 50 to 100 Class VIII 100 to 250 Class IX 250 to 500 Class X 500 to 750 Class XI 750 to 1,000 Class XII 1,000 to 1,250 Class XIII 1,250 to 1,500 Class XIV 1,500 to 2,000 Class XV 2,000 or greater 1/10
2 BEST'S Rating Scale Definition The Best's Rating scale is comprised of 16 individual ratings grouped into 10 categories, consisting of three Secure categories of "Superior", "Excellent" and "Very Good" and seven Vulnerable categories of "Fair' "Marginal", "Weak", "Poor", "Under Regulator Supervision", "In Liquidation", and "Rating Suspended". A++ and A+ (Superior) A and A- (Excellent) B++ and B+ (Very Good) B and B - (Fair) C++ and C+ (Marginal) C and C- (Weak) D (Poor) E (Under Regulatory Supervision) F (In Liquidation) S (Rating Suspended) Assigned to companies that have a superior ability to meet their ongoing obligations to policy-holders. Assigned to companies that have an excellent ability to meet their ongoing obligations to policyholders. Assigned to companies that have a good ability to meet their ongoing obligations to policyholders. Assigned to companies that have a fair ability to meet their current obligations to policyholders, but are financially vulnerable to adverse changes in underwriting and economic conditions. Assigned to companies that have a marginal ability to meet their current obligations to policyholders, but are financially vulnerable to adverse changes in underwriting and economic conditions. Assigned to companies that have, in our opinion, a weak ability to meet their current obligations to policyholders, but are financially very vulnerable to adverse changes in underwriting and economic conditions. Assigned to companies that in our opinion, may not have an ability to meet their current obligations to policyholders and are financially extremely vulnerable to adverse changes in underwriting and economic conditions. Assigned to companies (and possibly their subsidiaries/affiliates) that have been placed by an insurance regulatory authority under a significant form of supervision, control or restraint whereby they are no longer allowed to conduct normal ongoing insurance operations. This would include conservatorship or rehabilitation, but does not include liquidation. It may also be assigned to companies issued cease and desist orders by regulators outside their home state or country. Assigned to companies that have been placed under an order of liquidation by a court of law or whose owners have voluntarily agreed to liquidate the company. Note: Companies that voluntarily liquidate or dissolve their charters are generally not insolvent. Assigned to rated companies that have experienced sudden and significant events affecting their balance sheet strength or operating performance whose rating implications cannot be evaluated due to a lack of timely or adequate information. 2/10
3 Moody s The following ratings are considered "strong" by Moody's: Aaa Aa A Baa Exceptional financial security. While the financial strength of these companies is likely to change, such changes as can be visualized are most unlikely to impair their fundamentally strong position. Excellent financial security, together with the Aaa group, they constitute what are generally known as high-grade companies. They are rated lower than Aaa companies because long-term risks appear somewhat larger. Good financial security. However, elements may be present which suggest a susceptibility to impairment sometime in their future. Adequate financial security. However, certain protective elements may be lacking or may be characteristically unreliable over any great length of time. The following ratings are considered "weak" by Moody's: Ba B Caa Ca C Questionable financial security. Often the ability of these companies to meet policyholder obligations may be very moderate and thereby not well safeguarded in the future. Poor financial security. Assurance of punctual payment of policyholder obligations over any long period of time is small. Very poor financial security. They may be in default on their policyholder obligations or there may be present elements of danger with respect to punctual payment of policyholder obligations claims. Extremely poor financial security. Such companies are often in default on their policyholder obligations or have other marked shortcomings. The lowest rated class of insurance company; can be regarded as having extremely poor prospects of ever offering financial security. 1, 2, 3 Modifiers for each generic rating category from Aa to B. 1 indicates that the insurance company ranks in the higher end of its generic rating category. The modifier 2 indicates a mid-range ranking. The modifier 3 indicates that the company ranks in the lower end of its generic category. 3/10
4 Fitch AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B B- CCC+ CCC CCC- CC+ CC CC- C+ C C- DDD DD D N/R Exceptionally strong. Insurers assigned this highest rating are viewed as possessing exceptionally strong capacity to meet policyholder and contract obligations. For such companies, risk factors are minimal and the impact of any adverse business and economic factors is expected to be extremely small. Very strong. Insurers are viewed as possessing very strong capacity to meet policyholder and contract obligations. Risk factors are modest, and the impact of any adverse business and economic factors is expected to be very small. Strong. Insurers are viewed as possessing strong capacity to meet policyholder and contract obligations. Risk factors are moderate, and the impact of any adverse business and economic factors is expected to be small. Good. Insurers are viewed as possessing good capacity to meet policyholder and contract obligations. Risk factors are somewhat high, and the impact of any adverse business and economic factors is expected to be material, yet manageable. Moderately weak. Insurers are viewed as moderately weak with an uncertain capacity to meet policyholder and contract obligations. Though positive factors are present, overall risk factors are high, and the impact of any adverse business and economic factors is expected to be significant. Weak. Insurers are viewed as weak with a poor capacity to meet policyholder and contract obligations. Risk factors are very high, and the impact of any adverse business and economic factors is expected to be very significant. Very weak. Insurers rated in any of these three categories are viewed as very weak with a very poor capacity to meet policyholder and contract obligations. Risk factors are extremely high, and the impact of any adverse business and economic factors is expected to be insurmountable. A 'CC' rating indicates that some form of insolvency or liquidity impairment appears probable. A 'C' rating signals that insolvency or a liquidity impairment appears imminent. Distressed. These ratings are assigned to insurers that have either failed to make payments on their obligations in a timely manner, are deemed to be insolvent, or have been subjected to some form of regulatory intervention. Within the DDD-D range, those companies rated 'DDD' have the highest prospects for resumption of business operations or, if liquidated or wound down, of having a vast majority of their obligations to policyholders and contract holders ultimately paid off, though on a delayed basis (with recoveries expected in the range of %). Those rated 'DD' show a much lower likelihood of ultimately paying off material amounts of their obligations in a liquidation or wind down scenario (in a range of 50-90%). Those rated 'D' are ultimately expected to have very limited liquid assets available to fund obligations, and therefore any ultimate payoffs would be quite modest (at under 50%). 'NR' indicates that Fitch does not rate the issuer or issue in question. 4/10
5 Standard & Poor s Standard & Poor's Insurer Financial Strength Rating Definitions A Standard & Poor's Insurer Financial Strength Rating is a current opinion of the financial security characteristics of an insurance organization with respect to its ability to pay under its insurance policies and contracts in accordance with their terms. This opinion is not specific to any particular policy or contract, nor does it address the suitability of a particular policy or contract for a specific purpose or purchaser. Furthermore, the opinion does not take into account deductibles, surrender or cancellation penalties, timeliness of payment, nor the likelihood of the use of a defense such as fraud to deny claims. For organizations with cross-border or multinational operations, including those conducted by subsidiaries or branch offices, the ratings do not take into account potential that may exist for foreign exchange restrictions to prevent financial obligations from being met. Insurer Financial Strength Ratings are based on information furnished by rated organizations or obtained by Standard & Poor's from other sources it considers reliable. Standard & Poor's does not perform an audit in connection with any rating and may on occasion rely on unaudited financial information. Ratings may be changed, suspended, or withdrawn as a result of changes in, or unavailability of such information or based on other circumstances. Insurer Financial Strength Ratings do not refer to an organization's ability to meet nonpolicy (i.e. debt) obligations. Assignment of ratings to debt issued by insurers or to debt issues that are fully or partially supported by insurance policies, contracts, or guarantees is a separate process from the determination of Insurer Financial Strength Ratings, and follows procedures consistent with issue credit rating definitions and practices. Insurer Financial Strength Ratings are not a recommendation to purchase or discontinue any policy or contract issued by an insurer or to buy, hold, or sell any security issued by an insurer. A rating is not a guaranty of an insurer's financial strength or security. Insurer Financial Strength Ratings An insurer rated 'BBB' or higher is regarded as having financial security characteristics that outweigh any vulnerabilities, and is highly likely to have the ability to meet financial commitments. AAA AA A BBB An insurer rated 'AAA' has EXTREMELY STRONG financial security characteristics. 'AAA' is the highest Insurer Financial Strength Rating assigned by Standard & Poor's. An insurer rated 'AA' has VERY STRONG financial security characteristics, differing only slightly from those rated higher. An insurer rated 'A' has STRONG financial security characteristics, but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings. An insurer rated 'BBB' has GOOD financial security characteristics, but is more likely to be affected by adverse business conditions than are higher rated insurers. An insurer rated 'BB' or lower is regarded as having vulnerable characteristics that may outweigh its strengths. 'BB' indicates the least degree of vulnerability within the range; 'CC' the highest. 5/10
6 BB B CCC CC R NR Plus (+) or minus (-) CreditWatch 'pi' Ratings An insurer rated 'BB' has MARGINAL financial security characteristics. Positive attributes exist, but adverse business conditions could lead to insufficient ability to meet financial commitments. An insurer rated 'B' has WEAK financial security characteristics. Adverse business conditions will likely impair its ability to meet financial commitments. An insurer rated 'CCC' has VERY WEAK financial security characteristics, and is dependent on favorable business conditions to meet financial commitments. An insurer rated 'CC' has EXTREMELY WEAK financial security characteristics and is likely not to meet some of its financial commitments. An insurer rated 'R' has experienced a REGULATORY ACTION regarding solvency. The rating does not apply to insurers subject only to nonfinancial actions such as market conduct violations. An insurer designated 'NR' is NOT RATED, which implies no opinion about the insurer's financial security. Ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories. Highlights the potential direction of a rating, focusing on identifiable events and shortterm trends that cause ratings to be placed under special surveillance by Standard & Poor's. The events may include mergers, recapitalizations, voter referenda, regulatory actions, or anticipated operating developments. Ratings appear on CreditWatch when such an event or a deviation from an expected trend occurs and additional information is needed to evaluate the rating. A listing, however, does not mean a rating change is inevitable, and whenever possible, a range of alternative ratings will be shown. CreditWatch is not intended to include all ratings under review, and rating changes may occur without the ratings having first appeared on CreditWatch. The "positive" designation means that a rating may be raised; "negative" means that a rating may be lowered; "developing" means that a rating may be raised, lowered or affirmed. Denoted with a 'pi' subscript, are Insurer Financial Strength Ratings based on an analysis of published financial information and additional information in the public domain. They do not reflect in-depth meetings with an insurer's management and are therefore based on less comprehensive information than ratings without a 'pi' subscript. 'pi' ratings are reviewed annually based on a new year's financial statements, but may be reviewed on an interim basis if a major event that may affect an insurer's financial security occurs. 'pi' ratings are not modified with '+' or '(' designations, nor are they subject to potential CreditWatch listings. 6/10
7 National Scale Ratings Quantitative Ratings Short-Term Insurer Financial Strength Ratings Denoted with a prefix such as 'mx' (Mexico) or 'ra' (Argentina), assess an insurer's financial security relative to other insurers in its home market. For more information, refer to the separate definitions for national scale ratings. Denoted with a 'q' subscript, were discontinued in The ratings were based solely on quantitative analysis of publicly available financial data. Short-Term Insurer Financial Strength Ratings reflect the insurer's creditworthiness over a short-term time horizon. A-1 An insurer rated 'A-1' has a STRONG ability to meet its financial commitments on shortterm policy obligations. It is rated in the highest category by Standard & Poor's. Within this category, certain insurers are designated with a plus sign (+). This indicates that the insurer's ability to meet its financial commitments on short-term policy obligations is - EXTREMELY STRONG. A-2 An insurer rated 'A-2' has a GOOD ability to meet its financial commitments on shortterm policy obligations. However, it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than insurers in the highest rating category. A-3 An insurer rated 'A-3' has an ADEQUATE ability to meet its financial commitments on short-term policy obligations. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened ability of the insurer to meet its financial obligations. B C R An insurer rated 'B' is regarded as VULNERABLE and has significant speculative characteristics. The insurer currently has the ability to meet its financial commitments on short-term policy obligations; however, it faces major ongoing uncertainties which could lead to the insurer's inadequate ability to meet its financial obligations. An insurer rated 'C' is regarded as CURRENTLY VULNERABLE to nonpayment and is dependent upon favorable business, financial, and economic conditions for it to meet its financial commitments on short-term policy obligations. See definition of "R" under Long-term Ratings. Standard & Poor's ratings and other assessments of creditworthiness and financial strength are not a recommendation to purchase or discontinue any policy or contract issues by an insurer or to buy, hold, or sell any security issued by an insurer. In addition, neither a rating nor an assessment is a guaranty of an insurer's financial strength. 7/10
8 DOWLING RISK ANALYSIS (DRA) Dowling Risk Analysis, L.L.C. is an insurance industry research firm specializing in arms length insurance industry research, insurer credit analysis, due diligence, and competitive intelligence. Together the company s Principals have over 35 years experience analyzing the insurance industry. Dowling Risk Analysis is affiliated with Dowling & Partners Securities, L.L.C., an institutional insurance research and sell-side equity trading, firm. In addition, Dowling & Partners publishes the highly respected IBNR Weekly. DRA ALIRT Model Definition The ALIRT (Analysis of Insurance Company Risk Trends) Service is a customized due diligence tool designed to aid institutional clients in monitoring the financial credit quality of the life insurers with whom they have significant exposures or are considering as business partners. Using quarterly and annual statutory and GAAP financial information, the ALIRT model organizes insurance company exposures into four TIERS of Risk. These TIERS represent a synthesis of the leading indicators of insurance company financial deterioration. The sum of each of the four weighted RISK TIER Scores equals the Total ALIRT Score. Scores range, as in grade school, from In addition to a Score, each TIER Risk and Total ALIRT Score is assigned a verbal risk level designation which ranges from Lower Risk to Higher Risk (see below). The four ALIRT Risk TIERS are: TIER 1: Investment Risk TIER 2: Operational Risk TIER 3: Financial Risk TIER 4: Credit Ratings Below are the score ranges for the Dowling Risk Analysis verbal risk level designations: Investment Risk Operational Risk Financial Risk Credit Ratings Total ALIRT Score Lower Risk Medium Low Risk Medium Risk Higher Risk /10
9 DRA Credit Rating Definitions In addition to its ALIRT Score, Dowling Risk Analysis issues confidential, independent, credit ratings on life insurers. Unlike public credit rating agencies, insurance companies do not compensate Dowling Risk Analysis for issuing ratings. Dowling Risk Analysis credit ratings are based on both quantitative and qualitative information, including the ALIRT results, and objective qualitative analysis such as events, uniqueness, situations, macro-level industry trends, developments, relationships, and statistical distortions that cannot be easily quantified. DRA s qualitative credit ratings are as follows: AAA & AA+ AA & AA- Excellent ability to meet policyholder obligations. No material exposures. Very High ability to meet policyholder obligations. Modest exposures. A+ & A High ability to meet policyholder obligations. Material exposures. A- Average ability to meet policyholder obligations. Some significant exposures. BMRS Company falls below DRA Minimum Rating Standards. Such companies should be closely monitored due to significant credit exposures. DRA Flagging Screen DRA has developed a flagging screen based on specific credit criteria (listed below). This flagging screen identifies in an easy-to-follow manner how well life insurance companies are meeting these specified criteria, providing a due diligence snap shot of a company s relative financial health. A flag is raised if the following measures are not met. The flags are then totaled. Any company that raises 4 or more flags is written about in a quarterly due diligence letter sent to LPL. The 14 flagging screen criteria are: Total ALIRT Score Below 45 Change of 10 or More Points in Total ALIRT Score Higher Risk Level Vs. Industry for the 4 ALIRT Tiers Below A+ DRA Credit Ratings Downgrade of DRA Rating in the Current Year Negative Trends in Public Ratings Low Total ALIRT Solvency Score, Strong DRA Credit Rating Above Average Health Insurance Exposure Exposure to Disintermediation Risk 9/10
10 Transactions, Divestitures, Mergers & Acquisitions Other Significant Items and/or Non-Quantitative Items 10/10
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