AM Best Affirms Credit Ratings of AES Global Insurance Company

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AM Best affirms A (Excellent) Financial Strength Rating and 'a' Long-Term Issuer Credit Rating of AES Global Insurance Company (AGIC) with stable outlook. AGIC demonstrates strong operating performance and sound risk management capabilities, with implied support from parent company The AES Corporation (AES) [NYSE: AES].

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of AES Global Insurance Company (AGIC) (Burlington, VT). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect AGIC’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect the improved credit profile of AGIC’s parent, The AES Corporation (AES) [NYSE: AES].

AGIC continues to demonstrate strong operating performance through its favorable underwriting results and benefiting from inherently low expense structures. The ratings reflect AGIC’s sound risk management capabilities with a focus on sustaining improving capitalization, underwriting performance and conservative balance sheet strategies. As a single-parent captive for AES, AGIC remains an integral part of the parent’s overall risk management framework, and AES continually evaluates the use of AGIC for the group’s risk management objectives as those arise. The ratings also consider AGIC’s strategic importance to its parent, and the implied support provided by AES.

AGIC is wholly owned by AES, a Fortune 500 global energy company that, through its subsidiaries and affiliates, operates a diversified portfolio of generation, distribution and energy storage businesses, which deliver safe, reliable and sustainable energy while helping organizations of all types in their clean energy transitions.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

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.

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Chul Lee

Senior Financial Analyst

+1 908 882 2005

chul.lee@ambest.com

Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

christopher.sharkey@ambest.com

Fred Eslami

Associate Director

+1 908 882 1759

fred.eslami@ambest.com

Al Slavin

Senior Public Relations Specialist

+1 908 882 2318

al.slavin@ambest.com

Source: AM Best

FAQ

What are the Credit Ratings of AES Global Insurance Company (AGIC)?

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) of AES Global Insurance Company (AGIC) (Burlington, VT) with a stable outlook.

Who is the parent company of AGIC?

The parent company of AGIC is The AES Corporation (AES) [NYSE: AES].

What are the key factors for AGIC's strong operating performance?

AGIC demonstrates strong operating performance through favorable underwriting results and benefiting from inherently low expense structures.

What is the business profile of AGIC?

AM Best assesses AGIC's business profile as neutral.

Where can I find more information about AGIC's Credit Ratings?

For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.