Credit ratings agency AM Best has assigned MS Transverse’s new excess and surplus (E&S) entity, Newhall Specialty Insurance Company (NSIC), a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa” (Superior), with a stable outlook.
MS Transverse Insurance Group is a property and casualty carrier and a subsidiary of Mitsui Sumitomo Insurance Group, and part of MS&AD Insurance Group Holdings (MS&AD). NSIC operates within the brand of MS Transverse.
AM Best explained that the ratings of NSIC reflect MS&AD’s “strongest” consolidated balance sheet strength, its strong operating performance, favourable business profile, and appropriate enterprise risk management.
“NSIC is considered part of the MS&AD rating unit based on its strategic importance to the parent, MS&AD, as a newly formed excess and surplus entity to support further growth in the U.S. fronting market,” states AM Best.
NSIC was included in the existing pooling agreement and parental guarantee alongside its three other US MS Transverse affiliates, adds the rating agency.
Last year, in an exclusive interview with Reinsurance News, John Fitzgerald, President of MS Transverse, confirmed that the company was looking to broaden its horizons into specialty classes.
