OLDWICK, N.J.--(BUSINESS WIRE)--Please replace the release dated April 18, 2022, with the following corrected version due to multiple revisions.
The updated release reads:
AM BEST ASSIGNS CREDIT RATINGS TO ASCOT SURETY & CASUALTY COMPANY
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) to Ascot Surety & Casualty Company (ASCC) (Parker, CO). The outlook assigned to these Credit Ratings (ratings) is stable. The entity is being added as a member of the Ascot Group Limited, with the group rating supported by the stable credit profile of and ongoing backing of the ultimate parent, the Canada Pension Plan Investment Board.
The ratings of ASCC reflect Ascot Group Limited members’ balance sheet strength, which AM Best assesses as strongest, as well as their adequate operating performance, limited business profile and appropriate enterprise risk management.
ASCC is fully integrated into Ascot group’s operations and management as it follows the same operating model and risk profile. Additionally, ASCC is of strategic importance to the group’s entrance into the U.S. surety market, as well as to provide the group with a U.S. Department of Treasury Listing and the necessary licensing.
Ascot Bermuda Limited (Bermuda), as well as Ascot Insurance Company and Ascot Specialty Insurance Company (both headquartered in New York, NY), are operating subsidiaries of Ascot Group Limited.
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. For more information, visit www.ambest.com.
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