MSIG USA, the US insurance arm of global insurer MS&AD Insurance Group Holdings, has announced that its newly launched excess and surplus (E&S) lines carrier, MSIG Specialty Insurance America, Inc., has been assigned an A+ (Superior) Financial Strength Rating and an “aa” (Superior) Long-Term Issuer Credit Rating by AM Best.
The ratings agency has also affirmed the same ratings for MSIG USA’s existing insurance companies, with a stable outlook maintained across all entities.
According to MSIG USA, the new rating marks an important milestone for MSIG Specialty Insurance America, Inc., which was established to support the company’s expanding E&S operations in the United States. The insurer has also been incorporated into the group’s existing pooling arrangement alongside its other insurance subsidiaries.
MSIG USA said the newly assigned ratings place MSIG Specialty Insurance America, Inc. on the same footing as its established insurance companies, strengthening the organisation’s ability to serve brokers and clients across both admitted and non-admitted markets.
In its assessment, AM Best highlighted the strategic significance of the new insurer within the wider MS&AD Insurance Group. MSIG USA said the ratings agency also pointed to the group’s strongest level of risk-adjusted capitalisation, consistent operating performance, favourable business profile and established enterprise risk management framework. AM Best further noted MS&AD’s continued investment in developing its specialty insurance platform and expanding its presence in the US market, according to the company.
Alongside the new rating assignment, AM Best reaffirmed the A+ (Superior) Financial Strength Ratings and “aa” (Superior) Long-Term Issuer Credit Ratings of Mitsui Sumitomo Insurance Company of America, Mitsui Sumitomo Insurance USA, Inc., and MSIG Specialty Insurance USA, Inc.
MSIG USA said the ratings are additionally supported by approximately $2.1 billion in policyholder surplus and the backing of one of the world’s largest property and casualty insurance groups.
Peter McKenna, Chief Executive Officer of MSIG USA, commented: “The affirmation of our existing A+ ratings and the assignment of an A+ rating to MSIG Specialty Insurance America, Inc. demonstrate the strength of our platform and confidence in our long-term strategy. As we continue to grow across both admitted and E&S markets, we are building the capabilities our broker partners and clients need while maintaining the financial strength, underwriting expertise, and global reach that have long been the foundation of our business.”
MSIG USA said the addition of MSIG Specialty Insurance America, Inc. enhances its ability to offer flexible E&S solutions while broadening the range of specialty products available to brokers and policyholders. The company added that the new insurer complements its admitted market offerings and supports its wider growth strategy within the specialty insurance sector.
