Tag: New Jersey

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) to La Capitale General Insurance Inc. (La Capitale General Insurance). In addition, AM Best has assigned an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent) to La Capitale Civil Service Insurer Inc. (La Capitale Civil Service Insurer). The outlook assigned to these Credit Ratings (ratings) is stable. In addition, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of SSQ Life Insurance Company, Inc. (SSQ Life), L’Unique General Insurance Inc. (L’Unique) and Unica Insurance Inc. (Unica). The outlook of these ratings is stable.

The ratings of La Capitale Civil Service Insurer reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). La Capitale Civil Service Insurer operates as a generalist within the individual insurance, group insurance, savings, personal lines and commercial product lines.

 

The ratings of La Capitale General Insurance reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. La Capitale General Insurance operates as a generalist within the personal lines and commercial product lines.

 

Business is written through the direct distribution channels in Quebec.

 

The ratings of SSQ Life reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate ERM. AM Best expects SSQ Life’s consistently favorable operating performance should continue to drive capital growth following anticipated brand integration into Beneva Inc., which will begin in 2023.

 

The ratings of L’Unique reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. L’Unique was founded in 1978 and writes auto, home, recreational vehicle, and commercial insurance through a network of brokers, exclusively in Quebec.

 

The ratings of Unica reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM. Unica, originally founded in 1955, provides niche commercial and VIP personal insurance solutions to protect high net worth client’s homes, vehicles and businesses, also while providing umbrella liability. Unica writes exclusively within Ontario and distributes products through a network of select insurance brokers.

 

The ratings of La Capitale Civil Service Insurer, La Capitale General Insurance, Unica and L’Unique consider the benefit that each entity receives operating as part of the larger Beneva organization in support of the common business strategy. The ratings also reflect the commitment by Beneva management to integrate each company further into the overall organization with SSQ Life, resulting in a broader organization serving a diverse clientele.

 

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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Kevin Varvaro

Financial Analyst

+1 908 439 2200, ext. 5487

kevin.varvaro@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Gordon McLean

Senior Financial Analyst

+1 908 439 2200, ext. 5304

gordon.mclean@ambest.com

Al Slavin

Communications Specialist

+1 908 439 2200, ext. 5098

al.slavin@ambest.com

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has downgraded the Long-Term Issuer Credit Rating of Sompo International Holdings Ltd. (SIH) (Pembroke, Bermuda) from “a” (Excellent) to “a-” (Excellent). The downgrade is to harmonize the intermediate holding company Credit Ratings (ratings) of SIH with the Financial Strength Ratings of Sompo Japan Insurance Inc. (The ratings of the insurance operating companies of SIH. remain unchanged. Please see related press release dated Sept. 16, 2022.)

Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of “a-” (Excellent), which are guaranteed by SIH. The outlook of these ratings is stable.

 

The following Long-Term IRs have been affirmed with stable outlooks:

Sompo International Holdings Ltd.—

— “a-” (Excellent) on $335 million 7% senior unsecured notes, due 2034 (issued by Endurance Specialty Holdings Ltd. and guaranteed by Sompo International Holdings Ltd.)

— “a-” (Excellent) on $300 million 4.7% senior unsecured notes, due 2022 (issued by Montpelier Re Holdings Ltd. and guaranteed by Sompo International Holdings Ltd.)

 

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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Christopher Pennings, CPCU
Financial Analyst
+1 908 439 2200, ext. 5611
christopher.pennings@ambest.com

Steven Chirico, CPA
Director
+1 908 439 2200, ext. 5087
steven.chirico@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Al Slavin
Communications Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

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

The ratings reflect Seguros Reservas’ balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

 

Seguros Reservas’ balance sheet strength is underpinned by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The ratings also reflect its strong operating performance, driven by consistent profitability, coming from a diversified book of business and contained underwriting leverage, and the company’s affiliation with Banco de Reservas de la República Dominicana, Banco de Servicios Múltiples (Banco de Reservas), the largest bank in the Dominican Republic.

 

Partially offsetting these positive rating factors is the strong competition in the Dominican Republic’s insurance market, which AM Best believes could pressure the company’s profitability and market share, the company’s high dividend payout ratios and an ERM framework that has room for further sophistication.

 

Seguros Reservas underwrites life and non-life business, and is one of the leading insurers in the Dominican Republic, currently holding a 14.2% market share as of June 2022.

 

In 2021, fire insurance continued to represent the company’s main line of business, accounting for 40% of gross premiums, followed by auto (25.9%) and life (13.6%), with the remainder (20.5%) in other lines of business. The company has shown disciplined underwriting in a highly competitive market, consistently reporting profitability that compares favorably with its closest competitors. In addition, investment income has remained stable, further contributing to positive bottom-line results.

 

Seguros Reservas’ risk-adjusted capitalization stands at strongest level, as measured by BCAR. Adjusted capital has grown at a compound annual growth rate of 20.7% during the past six years, and AM Best expects this trend to continue supported by sound underwriting, prudent dividend and investment policies, as well as an effective cost containment strategy. Furthermore, Seguros Reservas continues to benefit from operating efficiencies afforded by Banco de Reservas.

 

Positive rating actions are not expected in the medium term. Negative rating actions could occur if the company’s risk-adjusted capitalization deteriorates to a level no longer supportive of the current ratings. Negative rating actions could also take place as a result of a sustained deterioration of the company’s operating performance metrics to levels no longer supportive of the strong assessment.

 

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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Olga Rubo, FRM
Senior Financial Analyst
+52 55 1102 2720, ext. 134
olga.rubo@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Alfonso Novelo
Senior Director, Analytics
+52 55 1102 2720, ext. 107
alfonso.novelo@ambest.com

Al Slavin
Communications Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Expanded relationship more than doubles the number of people who may become eligible for a 12-month subscription to a Peloton App Membership, or a three-month waiver toward a Peloton All-Access Membership, at no additional cost as part of their UnitedHealthcare health benefits

 

MINNETONKA, Minn. & NEW YORK — (BUSINESS WIRE) — UnitedHealthcare, part of UnitedHealth Group (NYSE: UNH), and Peloton Interactive, Inc. (Nasdaq: PTON) have renewed and expanded their relationship to help more people get or stay active and improve their overall well-being.

Under the newly expanded agreement, as many as 10 million UnitedHealthcare commercial members may become eligible for a yearlong subscription to the Peloton App Membership – or receive a three-month waiver toward a Peloton All-Access Membership – at no additional cost as part of their health benefits*. In addition, eligible UnitedHealthcare members in most states will receive preferred pricing on select Peloton connected fitness products, including the Peloton Bike, Bike+ and Tread.

 

The Peloton offer is already included in most UnitedHealthcare fully insured employer-sponsored plans and is now available as an option for organizations with a self-funded plan and fewer than 3,000 employees and dependents. Larger employers with a self-funded plan may also choose to make the Peloton offer available to their employees via a direct arrangement with Peloton Corporate Wellness, including preferred pricing on select Peloton connected fitness products.

 

“Our initial offer with Peloton is proving effective in helping encourage many of our members to get or stay active, with the goal of supporting their mental, physical and emotional health,” said Dr. Rhonda Randall, chief medical officer for UnitedHealthcare’s commercial business. “This expanded collaboration will help even more people maximize the value of their health benefits while pursuing their fitness goals.”

 

Since originally launching the offer in 2021, UnitedHealthcare members are collectively completing over 1 million Peloton classes per month; among enrollees who have taken at least one class during a given month, members are taking an average of over three classes each week.

 

“Aligned with UnitedHealthcare’s mission, and through the power of community and world-class content, Peloton is committed to providing the motivation for people to live healthier lives,” said Cassidy Rouse, senior vice president of growth partnerships and corporate wellness, Peloton. “We are encouraged by the growth and impact of the collaboration in its first year, and we’re pleased to continue to work with UnitedHealthcare in making wellness more accessible for millions of Americans.”

 

Eligible UnitedHealthcare members may receive details via email about activating their Peloton App or All-Access Membership – or they can log into myuhc.com to check eligibility. Once eligible members claim their personalized code through their myuhc.com account, they can activate their 12-month subscription to a Peloton App Membership – or a three-month subscription to a Peloton All-Access Membership – at no additional cost. At the end of the 12-month subscription, UnitedHealthcare plan participants will have the opportunity to renew the Peloton App Membership at the market rate directly through Peloton; UnitedHealthcare members’ Peloton App Membership will not automatically renew beyond the 12-month offer.

 

Available via the Peloton App, with no equipment required, or through a Peloton Bike, Bike+ or Tread as an All-Access Member, eligible UnitedHealthcare members can use the offer to take thousands of live and on-demand fitness classes across various disciplines such as strength, boxing, barre, outdoor running, cycling, walking, meditation and more. The Peloton App is available on any iOS or Android device, Apple TV, Fire TV, Roku TVs and Chromecast and Android TV.

 

More information about the collaboration is available at uhc.com/peloton.

 

About UnitedHealthcare

UnitedHealthcare is dedicated to helping people live healthier lives and making the health system work better for everyone by simplifying the health care experience, meeting consumer health and wellness needs, and sustaining trusted relationships with care providers. In the United States, UnitedHealthcare offers the full spectrum of health benefit programs for individuals, employers, and Medicare and Medicaid beneficiaries, and contracts directly with more than 1.3 million physicians and care professionals, and 6,500 hospitals and other care facilities nationwide. The company also provides health benefits and delivers care to people through owned and operated health care facilities in South America. UnitedHealthcare is one of the businesses of UnitedHealth Group (NYSE: UNH), a diversified health care company. For more information, visit UnitedHealthcare at www.uhc.com or follow @UHC on Twitter.

 

About Peloton

Peloton (NASDAQ: PTON) is the leading connected fitness platform with a highly engaged community of nearly 7 million Members worldwide. A category innovator at the nexus of fitness, technology, and media, Peloton’s first-of-its-kind subscription platform seamlessly combines innovative hardware, distinctive software, and exclusive content. Its world-renowned instructors, coach and motivate Members to be the best version of themselves anytime, anywhere. Founded in 2012 and headquartered in New York City, Peloton continues to scale across the US, UK, Canada, Germany, and Australia. For more information, visit www.onepeloton.com.

 

*Program available to UnitedHealthcare plan participants 18 years and older with access to myuhc.com and who enroll in Peloton’s consumer subscription offering in accordance with the Peloton Terms of Service and Membership Terms; some additional limitations or state-specific restrictions may apply. UnitedHealthcare plan participants may use only one (1) code per All-Access Membership. Please check with your UnitedHealthcare representative for more information.

 

All trademarks are the property of their respective owners.

 

For a limited time, the Peloton offering is available to members enrolled in applicable fully insured UnitedHealthcare plans and participants enrolled in UnitedHealthcare Level Funded NavigateNOW, UnitedHealthcare self-funded plans, and UnitedHealthcare Level Funded plans whose employer purchases the offering. Additional details, including offer expiration date and equipment discount availability, are on https://www.myuhc.com/peloton. Members and participants must be 18+ years of age and register for an account with Peloton. Members and participants that own a Peloton Bike, Bike+ or Tread can redeem a 3-month All-Access Membership. Limit one code redemption per member or participant. All services provided by Peloton directly to consumers are governed by Peloton’s Membership Terms, located at https://www.onepeloton.com/membershipterms. Equipment offer void in Maryland, New York, New Jersey, Pennsylvania, and Washington, D.C., for members enrolled in applicable fully insured UnitedHealthcare plans. Peloton Bike, Bike+ or Tread purchase requires an All-Access Membership to access content. All prices are exclusive of applicable taxes. Offer applied at checkout. No substitutions. Peloton equipment discount is limited to a purchase of one unit of each equipment type per member or participant. Void where prohibited. Not transferable. The information provided under this program is for general informational purposes only and is not intended to be nor should be construed as medical advice. Members and participants should consult with an appropriate health care professional before beginning any exercise program and/or to determine what may be right for them. The value of this offering may be taxable. Members and participants should consult with an appropriate tax professional to determine if they have any tax obligations from having access to this offering at no additional cost.

Contacts

Will Shanley

(714) 204-8005

will.shanley@uhc.com

Kat Romaniuk

press@onepeloton.com

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—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 Ardellis Insurance Ltd. (Ardellis) (Bermuda). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

These ratings reflect Ardellis’ balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).

 

Ardellis’ ultimate parent is UFP Industries, Inc. Ardellis provides reimbursement coverage for workers’ compensation, medical stop-loss, general liability, auto liability, auto physical damage, property and trade receivable to its parent. In addition, Ardellis assumes medical stop-loss exposure from third parties. In several of the last five years, Ardellis experienced rapid growth in third party business; however, this growth has substantially moderated and currently the third party medical stop-loss business represents approximately half of the company’s premiums.

 

The rating upgrades reflect Ardellis’ strong operating performance, with loss and expense ratio metrics consistently outperforming the general property/casualty industry. Ardellis’ low expense ratios reflect the company’s low overhead and its favorable loss ratios are attributable to its conservative underwriting philosophy and expertise. Further, the company’s loss control program and safety practices have resulted in both the affiliated and third party business remaining profitable over consecutive years.

 

Ardellis’ balance sheet strength remains very strong, supported by the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best considers the company’s ERM framework and risk management capabilities appropriate for its risk profile. Further, Ardellis benefits from being an integral part of its ultimate parent’s ERM framework.

 

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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Adrienne Stark
Senior Financial Analyst
+1 908 439 2200, ext. 5526
adrienne.stark@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jieqiu Fan
Senior Financial Analyst
+1 908 439 2200, ext. 5372
jieqiu.fan@ambest.com

Al Slavin
Communications Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com