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FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 12, 2016 03:02 PM (EST)
A.M. Best today announced the completion of an organizational restructuring that better aligns its strategic goals and objectives with the current global challenges of increased regulation of credit rating agencies, as well as heightened competition in the rating and information product business areas within the global insurance and financial services industries.
“On January 1, 2016, A.M. Best Rating Services, Inc. became operational to best satisfy the legal and regulatory obligations stemming from the Dodd-Frank Wall Street Reform and Consumer Protection Act. This restructuring will enable A.M. Best to better respond to increased regulatory requirements for the independence of rating analytics from other services provided by the company,” said Arthur Snyder III, President and Chairman of A.M. Best Company, Inc.
This newly established credit rating agency subsidiary will be led by Larry G. Mayewski, President and Chairman, and will operate A.M. Best’s regulated rating-centric business. In addition, Matthew C. Mosher takes on added responsibilities as Executive Vice President and Chief Operating Officer, reporting to Mayewski. Mosher and Mayewski also will serve as members of the Rating Services subsidiary’s Board of Directors.
A.M. Best also has named two new members to the Rating Services subsidiary’s board as Independent Directors: Shaun P. Flynn and William B. Jenkins. Flynn and Jenkins join the board with numerous years of insurance industry experience in the areas of credit rating analytics, data and risk management, strategic planning and insurance company operations.
A.M. Best’s information products and services will remain with the parent company in a separately established business unit, A.M. Best Information Services, led by Paul C. Tinnirello, Executive Director, and Karen B. Heine, Executive Vice President, Global Information Products & Services, who will be reporting to Tinnirello.
A.M. Best was founded in 1899 and has retained its focus solely on the insurance and reinsurance industries since the publication of its first rating in 1906. Headquartered in Oldwick, N.J., the company has offices in London, Mexico City, Hong Kong, Singapore and Dubai and issues ratings in more than 80 countries. A.M. Best is the world’s oldest and most authoritative insurance rating and information source.