AM Best Affirms Credit Ratings of AES Global Insurance Company

NOVEMBER 14, 2024 09:04 AM (EST)

AM Best Affirms Credit Ratings of AES Global Insurance Company

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FOR IMMEDIATE RELEASE

OLDWICK - NOVEMBER 14, 2024 09:04 AM (EST)
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.

AGIC continues to demonstrate strong operating performance through its favorable underwriting results and from an inherently low expense structure. The ratings reflect AGIC's sound risk management capabilities with a focus on sustaining improved capitalization, underwriting performance and conservative balance sheet strategies. As a single-parent captive for The AES Corporation (AES) [NYSE: AES], AGIC remains an integral extension of its parent's overall risk management framework. Additionally, AES continually evaluates the use of AGIC for the group's risk management objectives as they arise. The ratings also consider AGIC's strategic importance to AES and the implied support provided by AES.

AGIC is wholly owned by AES, a Fortune 500 global energy company, which through its subsidiaries and affiliates, operates a diversified portfolio of generation, distribution and energy storage businesses that delivers 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.