Ratings agency, AM Best has assigned a Financial Strength Rating of “A” (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) to Ascot Surety & Casualty Company (ASCC).
The outlook assigned to these Credit Ratings is stable.
The entity is being added as a member of the Ascot Group Limited, with the group rating supported by the stable credit profile of and ongoing backing of the ultimate parent – the Canada Pension Plan Investment Board.
ASCC is Ascot’s newest surety underwriting carrier. In July 2021, Ascot reached an agreement to acquire Boston Indemnity Company (BIC) from Great Midwest Insurance Company (GMIC). Once the deal was finalised, the carrier was renamed Ascot Surety & Casualty Company.
In addition, the ratings of ASCC reflect Ascot Group Limited members’ balance sheet strength, which AM Best assesses as strongest, as well as their adequate operating performance, limited business profile, and appropriate enterprise risk management.
ASCC is fully integrated into Ascot group’s operations and management, as it follows the same operating model and risk profile.
Furthermore, ASCC is also of strategic importance to Ascot group’s entrance into the US surety market, as well as to provide the group with a US Department of Treasury Listing and the necessary licencing.
