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FOR IMMEDIATE RELEASE
LONDON - APRIL 24, 2017 08:24 AM (EDT)
A.M. Best has assigned a Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” to Navigators International Insurance Company Ltd. (NIIC) (United Kingdom). The outlook assigned to each of these Credit Ratings (ratings) is stable.
The ratings of NIIC reflect A.M. Best’s expectation that risk-adjusted capitalization will be maintained at an excellent level, supported by good operating performance, as well as its niche business profile as a subsidiary of The Navigators Group, Inc. (NAVG). Furthermore, the ratings reflect the implicit and explicit support provided to the company by its parent, NAVG, including a parental guarantee.
A.M. Best expects NIIC’s medium-term operating performance to be good. Earnings are likely to be underpinned by solid underwriting profitability and modest investment income, reflecting NIIC’s established underwriting expertise and conservative investment portfolio.
NIIC’s business profile is expected to benefit from the company’s ownership by NAVG, which itself is the holding company for global specialty insurance and reinsurance entities underwriting marine, property & casualty and professional liability risks on a global basis. The group has underwritten business in the United Kingdom and European Economic Area markets for the past 20 years through its U.K. branch of the Navigators Insurance Company and Lloyd’s Syndicate 1221, as well as a network of branches and insurance intermediaries in Continental Europe. NIIC is expected to write some of the business that is currently written via the group’s Lloyd’s syndicate and U.K. branch, as well as new business on a selective basis.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
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