OLDWICK, NJ, August 29, 2024–(BUSINESS WIRE)–AM Best has maintained the “Under Review with Adverse Impact” status for the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Universal North America Insurance Company (UNAIC) (Arlington, TX).
These credit ratings (Ratings) reflect UNAIC’s balance sheet strength, which AM Best considers to be adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.
The ratings were initially placed on review with negative impact on October 11, 2023, following a significant decline in policyholder surpluses as a result of weather events in 2023. The status was maintained on February 14, 2024, following UNAIC’s parent company, Universal Group, Inc., entering into a definitive agreement to sell its U.S. operations, including UNAIC’s holding company and its subsidiaries. To date, the transaction has not been completed. The ratings will remain under review until the transaction receives regulatory approval and AM Best can fully analyze the impact of the sale, including the buyer’s capital management strategy and operating plan, as well as financial and operational resources. In the absence of an adequate plan to support the current assessment, the ratings are likely to be downgraded.
This press release refers to credit ratings published on AM Best’s website. All rating information on this publication and related disclosures, including bureau details, are available at The persons responsible for publishing the individual ratings can be found in the Current review activity Website. For more information on the use and limitations of credit rating opinions, see Guide to Best Credit Ratings. For information regarding the proper use of AM Best’s credit ratings, performance ratings, preliminary credit ratings and press releases, please visit Guide to the correct use of Best’s ratings and reviews.
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 operates in over 100 countries and has offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2024 AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View original version on businesswire.com: https://www.businesswire.com/news/home/20240829375705/en/
Contacts
Janet Hernandez
Senior Financial Analyst
+1 908 882 1890
[email protected]
Joseph Burton
director
+1 908 882 1678
[email protected]
Christopher Sharkey
Deputy Director, Public Relations
+1 908 882 2310
[email protected]
Al-Slavin
Senior PR Specialist
+1 908 882 2318
[email protected]
