OLDWICK, N.J.–(BUSINESS WIRE)–#insurance—AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A+ (Superior) from A- (Excellent) and the Long-Term Issuer Credit Rating to “aa” (Superior) from “a-” (Excellent) of Next Insurance US Company (Next US) (headquartered in Palo Alto, CA). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Next US’s inclusion as a member of the lead rating unit, Munich Reinsurance Company (Munich Re), which on a consolidated basis has a balance sheet strength that AM Best assesses as strongest, as well as its strong operating performance, very favorable business profile and very strong enterprise risk management.
Next US was acquired by Munich Re to support expansion into the U.S. small and medium-size business segment. Munich Re had previously been a significant minority shareholder in Next US. Under Munich Re, Next US is anticipated to benefit from a greater amount of both implicit and explicit support, as it supports ongoing strategic initiatives for the greater group.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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