Articles from AM Best

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Agrinational Insurance Company (Agrinational) (headquartered in Colchester, VT). The outlook of these Credit Ratings (ratings) is negative. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Apex Insurance Inc. (Apex) (Burlington, VT). The outlook assigned to these Credit Ratings (ratings) is stable.

The August issue of Best’s Review examines the casualty reinsurance sector:

Video playback is now available for a complimentary webinar titled “How Increasingly Risky Driving Behavior Is Impacting Auto Insurers,” hosted by AM Best and sponsored by Nationwide. Access it here.

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of the main subsidiaries of The Travelers Companies, Inc. (TRV) (headquartered in New York, NY) [NYSE: TRV], collectively known as Travelers Group (Travelers). In addition, AM Best has affirmed the FSR of A++ (Superior) and the Long-Term ICRs of “aa+” (Superior) of Travelers Casualty and Surety Company of America (TCSA) (Hartford, CT). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of First Floridian Auto and Home Insurance Company (First Floridian) (Tampa, FL).

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of WAICA Reinsurance Corporation PLC (WAICA Re) (Sierra Leone).

AM Best has affirmed the Financial Strength Ratings of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Aspen Insurance UK Limited (AIUK) (United Kingdom), Aspen Bermuda Limited (ABL) (Bermuda), Aspen American Insurance Company (AAIC) (Austin, TX) and Aspen Specialty Insurance Company (ASIC) (Bismarck, ND). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of Aspen Insurance Holdings Limited (Aspen) (Bermuda), a non-operating holding company. AM Best also has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) on the preference shares of Aspen, and the indicative Long-Term IRs under the company’s universal shelf registration. The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the Long-Term IRs.)

AM Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of GBU Financial Life (GBU) (Pittsburgh, PA).

AM Best has affirmed the Financial Strength Ratings of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Lloyd’s Syndicate 2001 (Syndicate 2001) (United Kingdom), which is managed by MS Amlin Underwriting Limited (MS Amlin). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of the U.S. operating subsidiaries of Global Indemnity Group, LLC (Global Indemnity) (Delaware) [NYSE: GBLI]. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of Global Indemnity. (See below for a complete list of companies and ratings.) The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of Privilege Underwriters Reciprocal Exchange (Fort Lauderdale, FL) and PURE Specialty Exchange (Scottsdale, AZ). The outlook of these Credit Ratings (ratings) is stable. These insurance entities comprise PURE Insurance Group.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of International Traders Insurance Co., Ltd. (ITICO) (Turks and Caicos Islands, British West Indies). The outlook of these Credit Ratings (ratings) is stable.

Video playback is now available for a complimentary webinar, titled, “Xceedance Webinar: Building Resilient, Future-Ready MGAs - Strategies for Sustainable Growth in a Competitive Market,” hosted by AM Best and sponsored by Xceedance. Access it here.

AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Dunav-Re a.d.o (Dunav-Re) (Serbia). The outlook of the FSR is stable.

AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to China United Property Insurance Company (CUPI) (China). The outlook assigned to these Credit Ratings (ratings) is stable.

Driven by California’s record-setting wildfires in January and tornado outbreaks across other regions, the U.S. homeowners’ insurance segment reported its worst first quarter loss ratio in five years, according to a new report from AM Best.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Co-operative Life Limited (Co-op Life) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Heartland National Life Insurance Company (HNL) (Indianapolis, IN).

AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the recently issued $500 million 5.2% senior unsecured notes due 2035 of CNA Financial Corporation (CNAF) (Chicago, IL). The outlook assigned to the Credit Rating (rating) is positive.

AM Best has upgraded the Financial Strength Rating (FSR) to C++ (Marginal) from C+ (Marginal) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “b” (Marginal) from “b-” (Marginal) of Millî Reasürans Türk Anonim Şirketi (Milli Re) (Türkiye). Concurrently, AM Best has revised the outlook for the Long-Term ICR to positive. The outlook for the FSR is stable.

With the release of the revised criteria procedure, “Best’s National Scale Ratings” (NSR), which introduces NSR coverage to three additional countries, an updated AM Best commentary addresses frequently asked questions about NSRs and how they compare with global Best’s Credit Ratings.

AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Independence American Insurance Company (IAIC) (Wilmington, DE).

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) of Lloyd’s Syndicate 3000 (Syndicate 3000) (United Kingdom). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Long-Term Issue Credit Rating of “a+” (Excellent) to Chubb INA Holdings LLC’s (Chubb) (Delaware) recently announced USD 1.25 billion issuance of 4.9% senior unsecured notes due 2035 in the U.S. market, which are guaranteed by Chubb Limited. The outlook assigned to this Credit Rating is stable.

AM Best has affirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of “bb-” (Fair) of Life Insurance Company Kommesk-Omir JSC (Kommesk) (Kazakhstan). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of California Insurance Company (Foster City, CA) and its affiliates, which are collectively referred to as North American Casualty Group (NAC). Please see below for a detailed listing of the companies and Credit Ratings (ratings).

The number of insurers outsourcing investments to asset managers continues to grow, particularly in the U.S. life/annuity (L/A) industry, according to a new AM Best report.

Rated U.S. captive insurance companies reported another strong year in 2024 and continued to outpace their commercial market peers despite a 14% drop in net income, according to a new AM Best report.

AM Best has assigned a Preliminary Credit Assessment (PCA) to Sabal Specialty Insurance Company, Inc. (Sabal Specialty) (Delaware) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca (Excellent). The outlook assigned to the PCA is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Palms Insurance Company, Limited (Palms) (George Town, Cayman Islands). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Palms Specialty Insurance Company, Inc. (Palms Specialty) (Delaware). The outlook of these Credit Ratings (ratings) is stable.

AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings to “a-” (Excellent) from “a” (Excellent) of the members of Allegany Insurance Group (Allegany). These Credit Ratings (ratings) apply to Allegany Co-op Insurance Company (Cuba, NY), Conemaugh Valley Mutual Insurance Company (Johnstown, PA), and United Frontier Mutual Insurance Company (Lockport, NY). The outlook of these ratings has been revised to stable from negative.

Video playback is now available for a complimentary webinar titled “Navigating Construction Risk: Evolving Exposures, Strategic Solutions,” hosted by AM Best and sponsored by Munich Re Specialty. Access it here.

AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Puritan Life Insurance Company of America (Puritan) (Scottsdale, AZ).

AM Best has affirmed the Financial Strength Ratings (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of Lloyd’s Syndicate 2623, Lloyd’s Syndicate 623, Lloyd’s Syndicate 3623 and Lloyd’s Syndicate 3622 (the syndicates) (United Kingdom). Concurrently, AM Best has affirmed the FSRs of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of Beazley Insurance Designated Activity Company (BIDAC) (Ireland), Beazley Insurance Company, Inc. (BICI) (Farmington, CT), Beazley America Insurance Company, Inc. (Beazley America) (Farmington, CT), and Beazley Excess and Surplus Insurance, Inc. (BESI) (Farmington, CT). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of the members of Farmers Insurance Group (Farmers). At the same time, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IR) of “bbb+” (Good) on the outstanding surplus notes of Farmers Insurance Exchange (Woodland Hills, CA) and Farmers Exchange Capital (Wilmington, DE). The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and ratings.)

AM Best Director Alan Murray will deliver a presentation on the rating agency’s insurance market sector outlooks at the 2025 Insurance Summit, which will take place Sept. 15-17, in Kansas City, KS.

AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to Professionals Advocate Risk Retention Group, Inc. (ProAd RRG) (Hunt Valley, MD), a new subsidiary of Medical Mutual Liability Insurance Society of Maryland (Med Mutual). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has assigned Long-Term Issue Credit Ratings of “a+” (Excellent) to Chubb INA Holdings LLC (Chubb) (Delaware) recently announced CNY 4.5 billion (approximately USD 626 million) issuance of senior unsecured bonds in the Hong Kong market in three tranches, which are guaranteed by Chubb Limited: CNY 1 billion 2.5% senior unsecured bonds due 2030; CNY 1.5 billion 2.75% senior unsecured bonds due 2035; and CNY 2 billion 3.05% senior unsecured bonds due 2055. The outlook assigned to these Credit Ratings (rating) is stable.

AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Jordan Insurance Company Plc. (JIC) (Jordan). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of Lloyd’s (United Kingdom), Lloyd’s Insurance Company (China) Limited (Lloyd’s China) and Lloyd’s Insurance Company S.A. (Lloyd’s Europe) (Belgium). Concurrently, AM Best has affirmed the Long-Term ICR of “a+” (Excellent) of Society of Lloyd’s (the Society) (United Kingdom) and the Long-Term Issue Credit Rating of “a” (Excellent) on the GBP 300 million 4.875% subordinated notes, maturing 7 February 2047. The outlooks of these Credit Ratings (ratings) are stable.

In the past 30 days, Best’s Review readers have been most interested in the following insurance news coverage:

AM Best has released its revised criteria procedure, “Best’s National Scale Ratings” (NSR), which is effective immediately.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the property/casualty subsidiaries of The Hanover Insurance Group, Inc. [NYSE: THG], which are collectively referred to as The Hanover. Additionally, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and all Long-Term Issue Credit Ratings (Long-Term IR) of The Hanover Insurance Group, Inc., which is the parent holding company. The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in Worcester, MA. (See below for a detailed listing of the companies and ratings.)

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of the members of The Hartford Steam Boiler Group (HSB). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies.)

AM Best has upgraded the Financial Strength Ratings to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of Somerset Reinsurance Ltd. (Somerset Re) (Hamilton, Bermuda) and Somerset Reinsurance Company (SRC) (Orlando, FL). The outlook of Somerset Re’s Credit Ratings (ratings) has been revised to stable from positive. The outlook of SRC’s ratings is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of China Shipowners Mutual Assurance Association (China P&I or the Club) (China). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb” (Good) of Individual Assurance Company, Life, Health & Accident and LifeShield National Insurance Co., collectively referred to as LifeShield. Both companies are domiciled in Oklahoma City, OK.

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Bosna Reosiguranje d.d. Sarajevo (Bosna Re) (Bosnia and Herzegovina [BH]). The outlook of these Credit Ratings (ratings) is stable.

AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “bbb+” (Good) of New Horizon Insurance Company (NHIC) (Houston, TX). The outlook of these Credit Ratings (ratings) is stable.

After experiencing a decline in 2024, crop insurance premium volume is expected to hold steady in 2025, according to a new report from AM Best.

AM Best is maintaining its stable outlook on Vietnam’s non-life insurance segment, citing structural economic advantages and robust demand that are fuelling the expansion of non-life insurance in the country.

AM Best has revised the outlooks to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICRs of “bb+” (Fair) of The California Casualty Indemnity Exchange (San Mateo, CA) and its wholly owned subsidiaries: California Casualty General Insurance Company of Oregon (Portland, OR), California Casualty & Fire Insurance Company (San Mateo, CA) and California Casualty Insurance Company (Portland, OR). All of these companies comprise the California Casualty Group (California Casualty). The outlook of the FSR is stable.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa” (Superior) of Assured Guaranty Re Overseas Ltd. (AGRO) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The July issue of Best’s Review includes the following exclusive rankings:

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Dhipaya Insurance Public Company Limited (Dhipaya) (Thailand). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Hanwha General Insurance Company Limited (HGI) (South Korea). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good) to PPS Mutual Limited (PPS Mutual) (New Zealand). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of United Overseas Insurance Limited (UOI) (Singapore). The outlook of these Credit Ratings (ratings) is stable.

AM Best has downgraded the Financial Strength Rating to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Rating to a+ (Excellent) from “aa-” (Superior) of Construction Guarantee Cooperative (CG) (South Korea). The outlooks of these Credit Ratings (ratings) have been revised to stable from negative.

AM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a-” (Excellent) from “a” (Excellent) for the members of Oxford Insurance Companies (Oxford). Concurrently, AM Best has placed these Credit Ratings (ratings) under review with developing implications. See below for a detailed listing of members and ratings.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) of Old United Casualty Company (OUC). At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Old United Life Insurance Company (OUL). The outlook of these Credit Ratings (ratings) is stable. Both companies are headquartered in Merriam, KS.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Seguros Reservas S.A. (Seguros Reservas) (Santo Domingo, Dominican Republic). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) to Commercial Re Overseas Limited (CRe) (Road Town, British Virgin Islands). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of Blue Cross and Blue Shield of Florida, Inc. d/b/a Florida Blue, and its affiliates, Health Options, Inc., Capital Health Plan, Inc. (Tallahassee, FL) and Florida Health Care Plan, Inc. (Holly Hill, FL). These companies collectively are referred to as Blue Cross and Blue Shield of Florida Group. AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Florida Combined Life Insurance Company, Inc. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Triple-S Vida, Inc. (San Juan, PR) (TSV). Lastly, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of GuideWell Mutual Holding Corporation (GuideWell). The outlook of these Credit Ratings (ratings) is stable. All aforementioned companies are domiciled in Jacksonville, FL, unless otherwise specified.

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of C (Weak) and the Long-Term Issuer Credit Rating of “ccc” (Weak) of Health Insurance Plan of Greater New York, EmblemHealth Insurance Company and EmblemHealth Plan, Inc., collectively referred to as Emblem. All companies are subsidiaries of EmblemHealth, Inc. and are domiciled in New York (NY). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Ozark National Life Insurance Company (Ozark) (Kansas City, MO). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a+” (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Tuscarora Wayne Insurance Company and its affiliate, Keystone National Insurance Company. The outlook of the Long-Term ICR has been revised to stable from negative while the FSR is stable. Both companies are collectedly referred to as Tuscarora Wayne Companies and are domiciled in Wyalusing, PA.

AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa-” (Superior) to HDI Global UK Limited (HDI Global UK) (United Kingdom), an entity ultimately owned by HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best will host a market briefing on the state of the captive insurance industry on Wednesday, Aug. 6, 2025, at 3:00 p.m. EDT.

AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of Lincoln Heritage Life Insurance Company (Lincoln Heritage) (Springfield, IL). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Direct General Life Insurance Company (Direct General) (Orangeburg, SC). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of B++ (Good), a Long-Term Issuer Credit Rating of “bbb+” (Good) and the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) to Bao Viet Insurance Corporation (BVGI) (Vietnam). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Agrinational Insurance Company (Agrinational) (headquartered in Colchester, VT).

AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aaa” (Exceptional) of Teachers Insurance and Annuity Association of America (TIAA) and its wholly owned insurance subsidiary, TIAA-CREF Life Insurance Company (TIAA-CREF Life). TIAA and TIAA-CREF Life collectively are referred to as the TIAA Group. Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of “aa” (Superior) on TIAA’s surplus notes. The outlook of these Credit Ratings (ratings) is stable. TIAA and TIAA-CREF Life are domiciled in New York, NY. (Please see below for detailed listing of the Long-Term IRs.)

AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of CSAA Insurance Exchange (Walnut Creek, CA) and its pooled subsidiaries and reinsured affiliates. The outlook of the FSR is stable. In addition, AM Best has revised the outlook to stable from negative and affirmed the Long-Term Issue Credit Rating of “a-” (Excellent) on the $500 million 8.125% surplus notes due 2045, issued by CSAA Insurance Exchange. All companies are collectively referred to as CSAA. (See below for a detailed listing of the companies and ratings.)