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FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 17, 2018 11:17 AM (EST)
A.M. Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” to Pan-American Casualty Company (PACC) (Richardson, TX), a wholly owned indirect subsidiary of Pan-American Life Mutual Holding Company. The outlook assigned to these Credit Ratings (ratings) is stable. The ratings of Pan-American Life Mutual Holding Company’s other main insurance subsidiaries (Pan-American Life Insurance Group) remain unchanged.
The ratings reflect PACC’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Additionally, PACC benefits from the strategic importance, capital support and integration with the Pan-American Life Insurance Group, as a vehicle for writing employer liability business in Texas, which the state classifies as property/casualty coverage. In addition, the vast majority of the business will initially be reinsured to an affiliated company, INRECO International Reinsurance Company.
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. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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