AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Journey Insurance Company (Journey) (St. Petersburg, FL). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Journey’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

Journey is majority owned by United Insurance Holdings Corp. (United) [NASDAQ: UIHC]. Journey was created in 2018 to take advantage of market opportunities within Florida, Texas and South Carolina, specifically regarding property coverage. The company’s balance sheet strength assessment is influenced by the infusion of significant capital intended to support its growth as it relates to underwriting, credit and investment risks. United provides strategic administration and operational support as it pertains to underwriting, ERM, claims, leadership and other functions. The ratings and outlooks consider the substantial support and proven track record of United.

Maintaining the ratings and outlooks at current levels will depend on successful execution of development plans as communicated by management, efficient use of strategic business partnerships, and effective management of Journey’s catastrophe exposure, which will grow as the company expands. Initial operations were delayed somewhat, as management made the strategic decision to pivot from the use of legacy systems to newer platforms; however, growth in the current period is in line with expectations.

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

OLDWICK, N.J.–(BUSINESS WIRE)–Oct 9, 2020–

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Standard Insurance Company (Portland, OR) and its affiliate, The Standard Life Insurance Company of New York (White Plains, NY), together referred to as the Standard Insurance Group (The Standard). Additionally, AM Best has affirmed the Long-Term ICR of “bbb+” and the Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” on the outstanding $250 million 5% senior unsecured notes, due 2022, of StanCorp Financial Group, Inc. (StanCorp Financial) (Portland, OR), the intermediate holding company of The Standard.

Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” of Pacific Guardian Life Insurance Company, Limited (Pacific Guardian) (Honolulu, HI). The outlook of these Credit Ratings (ratings) is stable. The Standard and Pacific Guardian are the U.S. insurance subsidiaries of Meiji Yasuda Life Insurance Company (Meiji Yasuda).

The ratings of The Standard reflect its balance sheet strength, which AM Best categorizes as strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

The Standard’s risk-adjusted capital has shown incremental increases over the past two years based on favorable operating results. Dividends to the parent have been lower than historical levels, which has contributed to the capital appreciation. Approximately one-third of The Standard’s invested assets are held in commercial mortgage loans with a concentration of loans on the West Coast. The portfolio is currently performing well as The Standard is the direct underwriter of the loans and has strong underwriting capabilities based on its long history as a loan originator. However, commercial mortgage loan performance overall is under pressure due to the economic impact of the COVID-19 pandemic, especially in retail and hospitality

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of International General Insurance Co. Ltd., (IGICL) (Bermuda) and International General Insurance Company (UK) Limited (IGIUK) (United Kingdom). Concurrently, the rating of International General Insurance Holdings Limited (IGI) (United Arab Emirates), now an intermediary holding company, has been withdrawn at the company’s request. The outlook of these Credit Ratings (ratings) is stable.

At the same time, AM Best has assigned a Long-Term ICR of “bbb” to International General Insurance Holdings Limited (IGIC) (Bermuda). The outlook assigned to this rating is stable.

The ratings of IGI reflect its balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).

On 17 March 2020, IGI and Tiberius Acquisition Corporation (Tiberius) announced the completion of their business combination. As part of the combination agreement, IGI exchanged its shares for common shares of IGIC, becoming a wholly owned subsidiary. IGIC is a new public company, listed on the Nasdaq, and is now the ultimate parent of the group. Tiberius and IGI raised approximately USD 146 million as part of the transaction, of which USD 41 million was added to IGI’s balance sheet.

IGI’s strong operating results have been underpinned by robust underwriting performance over the long term. However, the company’s performance is affected by foreign exchange movements, largely through exposure to GBP-denominated business from IGI’s growing U.K. book of business. The company reported a five-year average combined ratio of 92% (2015-2019), despite the impact of catastrophe losses in 2017. AM Best views IGI’s underwriting discipline as a key factor supporting its good financial results and expects the company to report strong, albeit potentially volatile, profits in prospective years.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” of Tokio Marine Pacific Insurance Limited (TMPI) (Guam). The outlook of these Credit Ratings (ratings) is negative.

The ratings reflect TMPI’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also acknowledge the wide range of implicit and explicit support that TMPI receives from its parent, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF).

TMPI’s risk-adjusted capitalisation remains at the strongest level in 2019, as measured by Best’s Capital Adequacy Ratio (BCAR). The balance sheet strength assessment also is underpinned by the company’s high quality assets and a conservative investment strategy. Its net underwriting leverage remains relatively high; however, the group accident and health (A&H) business, which accounts for more than 90% of TMPI’s underwriting portfolio, is considered to have low potential for volatility in general.

Notwithstanding a historical track record of positive and stable operating performance supported by the limited volatility and low expense structure of the group A&H line, TMPI reported a large net loss in 2019, mainly driven by the deteriorated profitability in its key business account, the Guam government’s health plan (GovGuam). Although the GovGuam account was not renewed for the 2020/2021 term, the continued negative rating outlooks reflect persistent pressure on TMPI’s operating performance assessment, as its premium base will remain at a significantly lower level following the plan’s non-renewal, which will subject its bottom line to greater vulnerability in large claim cases. In addition, the company faces an increasing expense burden from regulatory A&H industry fee payments in 2020 and tax obligations following the expiry of its corporate tax exemption in April 2019. Various initiatives to

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Luen Fung Hang Insurance Company Limited (LFH) (Macau). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect LFH’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

LFH’s balance sheet strength continues to be supported by a robust level of risk-adjusted capitalisation. Supported by positive operating results and profit retention, the company’s capital and surplus continued to grow organically in 2019 to MOP 567 million (USD 71 million). LFH’s investment strategy remains stable and conservative with a majority of its investments held in bonds and cash. Going forward, the company plans to invest more in bonds while maintaining a similar level of exposure inequity investments.

LFH has demonstrated a track record of consistently strong operating performance over the past five years, which continues to be supported by positive underwriting and investment results. The company’s net combined ratio slightly improved in 2019, mainly driven by an improvement in the net commission ratio, while its management expense ratio and net loss ratio remained stable. LFH’s investment portfolio continues to generate stable streams of interest and dividend income and supports the company’s overall operating results.

LFH ranked second in the Macau non-life insurance market, with a market share of more than 20% in terms of gross premium written 2019. The company continues to leverage the distribution channel support from its bank shareholders and maintains a competitive edge in acquiring good quality business through the bancassurance channel. LFH’s underwriting portfolio remains moderately diversified with its major lines of business being in residential fire, medical and other accident. The company’s business is concentrated in Macau and