A.M. Best
S&P
Moody's
Fitch
Local Rating
AIG Assurance Company
A
[1]A+
[1]A1
[1]A
[1]NA
AIG Insurance Company of Canada
A
[1]A+
[1]A1
[1]NR
NA
AIG Property Casualty Company
A
[1]A+
[1]A1
[1]A
[1]NA
AIG Specialty Insurance Company
A
[1]A+
[1]A1
[1]A
[1]NA
AIU Insurance Company
A
[1]A+
[1]A1
[1]A
[1]NA
American Home Assurance Company
A
[1]A+
[1]A1
[1]A
[1]NA
Commerce and Industry Insurance Company
A
[1]A+
[1]A1
[1]A
[1]NA
Granite State Insurance Company
A
[1]A+
[1]A1
[1]A
[1]NA
Illinois National Insurance Co.
A
[1]A+
[1]A1
[1]A
[1]NA
Lexington Insurance Company
A
[1]A+
[1]A1
[1]A
[1]NA
National Union Fire Insurance Company of Pittsburgh, Pa.
A
[1]A+
[1]A1
[1]A
[1]NA
New Hampshire Insurance Company
A
[1]A+
[1]A1
[1]A
[1]NA
The Insurance Company of the State of Pennsylvania
A
[1]A+
[1]A1
[1]A
[1]NA
American International Overseas Limited
NR
NR
NR
A
[1]NA
American International Reinsurance Company, Ltd.
A
[1]A+
[1]NR
NR
NA
AIG Chile Compañia de Seguros Generales S.A.
NR
NR
NR
NR
AA (ICR/DBRS)
[1]
AA- (Feller)
[4]AIG Insurance Company - Puerto Rico
A
[1]NR
NR
NR
NA
AIG Seguros Guatemala, S.A.
NR
NR
NR
NR
AA- (PCR)
[1]AIG Seguros Mexico, S.A. de C.V.
NR
A+
[1]/ mxAAA
[1]NR
NR
NA
AIG Seguros, El Salvador, Sociedad Anonima
NR
NR
NR
NR
A+ (Equilibrium)
[1]AIG Vida, Sociedad Anonima, Seguros de Personas
NR
NR
NR
NR
AA- (Equilibrium)
[1]
AA- (PCR)
[1]La Meridional Compañia Argentina de Seguros S.A.
NR
raAAA
[3]NR
NR
NA
AIG Europe Limited
A
[1]A+
[1]A1
[1]A
[1]NA
Chartis Excess Limited
A
[1]A+
[1]NR
NR
NA
AIG Insurance Company, CJSC
NR
NR
NR
NR
A+ (Expert RA)
AIG Kenya Insurance Company Limited
NR
NR
NR
NR
AA- (GCR)
AIG Life South Africa Limited
NR
BBB+
[1]/ zaAA+
NR
NR *
NA
AIG MEA Limited
NR
A
[1]NR
A
[1]NA
AIG South Africa Limited
NR
BBB+
[1]/ zaAA+
NR
NR *
NA
Chartis Kazakhstan Insurance Company JSC
NR
NR
A1 (kz)
NR
NA
AIU Insurance Company, Ltd.
A
[1]A+
[1]NR
NR
NA
American Home Assurance Co. Ltd.
NR
A
[1]NR
NR
NA
Fuji Fire and Marine Insurance Co., Ltd.
A
[1]A
[2]NR
NR
A+
[1](JCR)
Fuji Life Insurance Company, Ltd.
NR
NR
NR
NR
A+
[1](JCR)
AIG Asia Pacific Insurance Pte. Ltd.
A
[1]A+
[1]A2
[1]NR
NA
AIG Australia Limited
A
[1]A
[1]A2
[1]NR
NA
AIG Insurance Company China Ltd.
NR
NR
A2
[1]NR
NA
AIG Insurance Hong Kong Limited
A
[1]A+
[1]A2
[1]NR
NA
AIG Insurance New Zealand Limited
NR
A
[1]NR
NR
NA
AIG Korea Inc.
NR
A+
[1]A2
[1]NR
NA
AIG Taiwan Insurance Co., Ltd.
NR
A
[1]A2
[1]NR
NA
New Hampshire Insurance Company, Thailand Branch
NR
A+
[1]NR
NR
NA
Legend: [1] Stable Outlook [2] Positive Outlook [3] Negative Outlook [4] Developing NR - Not Rated NA - Not Applicable Local Rating Agencies: GCR - Global Credit Rating Co JCR - Japan Credit Rating Agency Ltd ICR - International Credit Ratings (part of DBRS) PCR - Pacific Credit Ratings * Rating withdrawn effective 03/28/2014 per the Company’s request. As part of its ordinary course withdrawal process, Fitch first reaffirmed the Company’s rating as “AAA(zaf)” Equilibrium - Equilibrium Clasificadora de Riesgo Feller - Feller Rate Clasificadora de Riesgo
ExpertRa - Expert Ra Rating Agency
B e rm u d a
Local Ratings: chl - Chile mx - Mexico ra - Argentina slv - El Salvador zaf - South Africa
US / Ca n a d a
AIG Property Casualty Insurers' Financial Strength and Other Local Ratings
A m er ic as E ur op e, M idd le E as t & A fr ic a (" E M E A ") A s ia P ac ifi c F a r E a st
Insurer
As of August 5, 2014
Sources (and for updated financial strength ratings, visit): A.M. Best Company (www.ambest.com), Standard & Poor’s (www.standardandpoors.com), Moody’s (www.moodys.com), Fitch Ratings (www.fitchratings.com), Global Credit Rating (www.globalratings.net), Feller Rate Clasificadora de Riesgo (www.feller-rate.cl),
E u ro p e A si a P a ci fic (e xcl u d in g F a r E a st ) ( "A P A C") M id d le E a st & A fr ic a ( "M E A ") L a tin A m e ric a ( "L A C")
Opinion
Rating
Opinion
Rating
A++, A+ AAA A, A- AA B++, B+ A B, B- BBB C++, C+ BB C, C- B D CCC E CC F R S NR pdOpinion
Rating
Opinion
Rating
Aaa AAA Aa AA A A Baa BBB Ba BB B B Caa CCC, CC, C Ca DDD, DD, D C 1 2 3 NR
Indicates a reasonable probability of a rating change and the likely direction of such change. These are designated as "Positive", indicating a potential upgrade, "Negative", for a potential downgrade, or "Evolving", Rating S ec ur e S ec ur e V ul ne rab le Positive Stable Negative S ec ur e
Fitch Ratings
Indicates a company's financial/market trends are favorable, relative to its current rating level and, if continued, the company has a good possibility of having its rating upgraded.
Standard & Poor's
A.M. Best Company
Financial Strength Ratings
Financial Strength Ratings
AM Best Rating Outlooks & Modifiers
V ul ne rab le
Descriptor
Extremely Strong piCreditWatch highlights the potential direction of a rating, focusing on identifiable events and short-term trends that cause ratings to be placed under special surveillance by Standard & Poor's.
CreditWatch Very Weak Extremely Weak Regulatory Action Not Rated U
Indicates a company is experiencing stable financial/market trends and there is a low likelihood that its rating will change in the near term.
Numeric modifier that indicates that the rating is in the lower end of its generic rating category. Indicates that Fitch Ratings does not publicly rate the issuer or issue in question.
A rating is withdrawn when Fitch Ratings deems the amount of information available to be inadequate for rating purposes, or when an obligation matures, is called, or refinanced.
Withdrawn W ea k S tr on g
Numeric modifier that indicates that the rating is in the mid-range of its generic rating category.
Fitch Rating Outlooks & Modifiers
May be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the 'AAA' category or to categories below 'CCC'.
Numeric modifier that indicates that the rating is in the higher end of its generic rating category.
V
ul
ne
rab
le
Financial Strength Ratings
Descriptor
Very Strong Plus (+) or Minus (-) DistressedMoody's Rating Modifiers
QuestionableRatings based on an analysis of published financial information and additional information in the public domain. They do not reflect in-depth meetings with an insurer's management nor do they incorporate material non-public information, and are therefore based on less comprehensive information than ratings without a 'pi' subscript.
Moody's
Standard & Poor's Rating Outlooks & Modifiers
Signs following ratings from 'AA' to 'CCC' show relative standing within the major rating categories. Plus (+) or Minus (-) Exceptional Excellent Good Lowest-rated Class Good Moderately Weak Very Weak
Descriptor
Superior Excellent Good Fair Marginal Weak Very Strong Strong Good Marginal Weak Adequate Very Poor Extremely Poor Poor PoorUnder Regulatory Supervision In Liquidation
Descriptor
SuspendedA modifier that generally is event-driven (positive, negative or developing) and is assigned to a company whose Best's Rating opinion is under review and may be subject to change in the near-term, generally defined as six months.
Ratings reflect qualitative and quantitative analyses using public data and information.
Indicates a company is experiencing unfavorable financial/market trends, relative to its current rating level and, if continued, the company has a good possibility of having its rating downgraded.
Opinion
Rating
Absolutely high (the highest) reliability A++ Very high reliability A+ High reliability A Acceptable reliability B++ Sufficient reliability B+ Satisfactory reliability B Low reliability C++Very low reliability C+ Unsatisfactory reliability C Bankruptcy D License revocation or liquidation E Rating Watch
Sources: Global Credit Rating (www.globalratings.net) and Expert RA Rating Agency (www.raexpert.com).
Financial Strength Ratings
Rating
AAA
AA+, AA,
AA+, A,
A-BBB+, BBB,
BBB-Under Review
Evolving Rating symbol may be raised or lowered B+, B,
B-CCC
Descriptor
Extremely strong financial security characteristics and is the highest FSR assigned by GCR.
Rating is under review for possible change in the short-term Negative
Failure to carry out a full review of a rated entity within the designated timeframe, either through lack of information or delays in finalization, may place the rating “Under Review". The rating status will typically extend for no longer than 1 month, until the triggering event is resolved or the outcome is predictable with a high enough degree of certainty.
Global Credit Ratings Co. Outlooks & Modifiers
Expert RA Outlooks & Modifiers
Negative Likelihood of mid term rating downgrade is high
Stable Likelihood of mid term rating stability is high
Developing Two or more rating options (rating stability, upgrade or downgrade) are equally likely in the mid term Rating symbol may be lowered
Positive Rating symbol may be raised Positive Likelihood of mid term rating upgrade is high
The company undergoes bankruptcy.
The company is under liquidation or the company’s license is revoked. Has good financial security characteristics, but is much more likely to be affected by adverse business
conditions than assurers with higher ratings.
Has vulnerable financial security characteristics, which might outweigh its strengths. The ability of these companies to discharge obligations is not well safeguarded in the future.
In the short term, the company is very likely to ensure timely performance of all of its current financial obligations, as well as new insignificant and medium obligations arising in the course of its operations. Financial difficulties are slightly likely to occur, if the obligations that necessitate significant payments arise. In the mid term, the likelihood of fulfillment of obligations depends on stability of macro-economic and market parameters.
In the short term, the company is very likely to ensure timely performance of all of its current financial obligations, as well as new insignificant and medium obligations arising in the course of its operations. The likelihood of financial difficulties, if the obligations that necessitate significant payments arise, is recognized as moderate. In the mid term, the likelihood of fulfillment of obligations largely depends on stability of macro-economic and market parameters.
In the short term, the company is very likely to ensure timely performance of virtually all of its current financial obligations. The likelihood of the company’s failure to perform financial obligations that arise in the course of its operations is high. In the mid term, the likelihood of fulfillment of obligations largely depends on stability of macro-economic and market parameters.
Possessing substantial risk that obligations will not be paid when due. Judged to be speculative to a high degree.
Assurer has been, or is likely to be, placed under an order of the court. The company ensures timely performance of its current financial obligations; however, in the short term, the likelihood of the company’s default on financial obligations that arise in the course of its operations is high, with the failure to the extent leading to revocation or suspension of the license.
The company ensures timely fulfillment of its current financial obligations; however, in the short term, the likelihood of the company’s default on financial obligations that arise in the course of its operations is extremely high, with the failure to the extent leading to revocation or suspension of the license.
Global Credit Ratings Co.
Expert RA
Reliability Ratings of Insurance Companies
The company does not ensure timely fulfillment of a part of its current financial obligations to the extent leading to revocation or suspension of the license.
Descriptor
In the short term, the company is extremely likely to ensure timely fulfillment of all of its financial obligations, both current and those arising in the course of its operations. In the mid term, it is very likely that the obligations will be performed even in case of material adverse changes in macro-economic and market parameters.
In the short term, the company is very likely to ensure timely performance of all of its financial obligations, both current and those arising in the course of its operations. In the mid term, it is very likely that the obligations will be fulfilled in case of stability of macro-economic and market parameters. In the short term, the company is very likely to ensure timely performance of all of its financial obligations, both current and those arising in the course of its operations. In the mid term, the likelihood of performance of the obligations that require significant payments depends on stability of macro-economic and market parameters.
Has very strong financial security characteristics, differing only slightly from those rated higher.
Has strong financial security characteristics, but is somewhat more likely to be affected by adverse business conditions than assurers with higher ratings.
BB-Stable Developing Multiple
Japan Credit Rating Agency, Ltd.
Feller Rate Clasificadora de Riesgo
Long-Term Rating
Rating
AAA The highest level of capacity of the obligor to honor its financial commitment on the obligation. The insurance obligations that present the highest capacity to meet the terms and conditions agreed upon, which would not be affected by possible changes in the issuing company, in the industry, or the economy.
AA A very high level of capacity of the obligor to honor its financial commitment on the obligation. The insurance obligations that have a high capacity to meet the terms and conditions agreed upon, which would not be significantly affected by possible changes in the issuing company, in the industry to which it belongs or the economy. AAA
AA
Rating
Descriptor
Descriptor
A A high level of capacity of the obligor to honor its financial commitment on the obligation. The insurance obligations that have a good ability to meet the terms and conditions agreed upon, but this is likely to deteriorate slightly by possible changes in the issuing company, in the industry to which it belongs or the economy.
BBB An adequate level of capacity of the obligor to honor its financial commitment on the obligation. However, this capacity is more likely to diminish in the future than in the cases of the higher rating categories. The insurance obligations that have a sufficient capacity to meet the terms and conditions agreed upon, but this is likely to weaken by possible changes in the issuing company, in the industry to which it belongs or the economy. A
BBB
BB Although the level of capacity to honor the financial commitment on the obligation is not considered prolematic at present, this capacity may not perisist in the future.
The insurance obligations have the capacity under the terms and conditions agreed upon, but this is susceptible to deteriorate by possible changes in the issuing company, in the industry it belongs to, or the economy. The issuer may incur a delay meeting such obligations.
B A low level of capacity to honor the financial commitment on the obligation, having cause for concern. The insurance obligations that have a high capacity to meet the terms and conditions agreed upon, but this is variable and susceptible to damage by possible changes in the issuing company, in the industry it belongs to, or the economy. The issuer may breach those obligations.
BB
B
CCC Thre are factors of uncertainty that the financial commitment on the obligation will be honored, and a possibility of default.
The insurance obligations that do not have a sufficient capacity to meet the terms and conditions agreed upon. There is a high risk that the issuer fails to comply with these obligations.
The insurance obligations that do not have capacity to meet the terms and conditions agreed upon, and fail to meet obligations.
The insurance obligations of issuers for which there is insufficient information. CC A high default risk.
C A very high default risk.
C
D
E
Feller Rate Clasificadora de Riesgo Outlooks & Modifiers
Plus (+) or Minus (-)
Signs following ratings to indicate relative standing within each of the rating categories. Positive Potential to get a higher rating
Developing Classification can improve, deteriorate, or remain the same
An issuer has multiple outlooks for its individual ratings, in which case JCR will describe any differences and provide the rationale for these differences in its news release
Sources: Japan Credit Rating Agency, Ltd. (www.jcr.co.jp) and Feller Rate Clasificadora de Riesgo (www.feller-rate.cl).
'p' rating Based on an analysis of information inculuding publicly available data and is given to entities that have not requested a rating,
but that have given the consent. Negative Potential to get a lower rating
Positive Rating may be raised. Stable Classification is unlikely to change
D In default.
Rating may be raised or lowered, contingent upon an event. Rating is not likely to change.
Negative Rating may be lowered.
Sources: Equilibrium Clasificadora de Riesgo (www.equilibrium.com.sv) and International Credit Ratings (www.icrchile.webmanager.cl).
Stable Rating is not likely to change. Obervation Under observation
Rating may be lowered. Stable Classification is unlikely to change
Equilibrium Clasificadora de Riesgo Outlooks & Modifiers
International Credit Ratings Outlooks & Modifiers
Plus (+) or Minus (-)
Signs following ratings to indicate relative standing within each of the rating categories. Positive Less risky
Positive Rating may be raised. Negative More risky
Negative
Category E * The Bank/insurance Company has not met its commitments under the terms in which they were agreed; therefore unable to continue its operations. B The insurance obligations that have a minimum capacity to meet the terms and conditions agreed upon, but this is variable and susceptible to damage by possible changes in the issuing company, in the industry it belongs to, or the economy. The issuer may breach those obligations.
E The insurance obligations of issuers for which there is insufficient information.
C The insurance obligations that do not have a sufficient capacity to meet the terms and conditions agreed upon. There is a high risk that the issuer fails to comply with these obligations.
D The insurance obligations that do not have capacity to meet the terms and conditions agreed upon, and fail to meet obligations.
Category D The Bank/insurance Company has a weak financial structure and shows a questionable ability to pay its obligations under the terms and conditions agreed upon; there is a risk of default on their obligations. BBB The insurance obligations that have a sufficient capacity to meet the terms and conditions agreed upon, but this is likely to weaken by possible changes in the issuing company, in the industry to which it belongs or the economy.
Category E There is insufficient information to make an opinion on risk. BB
The insurance obligations have the capacity under the terms and conditions agreed upon, but this is susceptible to deteriorate by possible changes in the issuing company, in the industry it belongs to, or the economy. The issuer may incur a delay meeting such obligations.
Category B
The Bank/insurance Company has good financial and economic structure and has a good ability to pay its obligations under the terms and conditions agreed upon, but this is likely to deteriorate slightly by possible changes in the organization, in the industry it belongs to, or the economy. Subcategories (B + or B-).
AA The insurance obligations that have a high capacity to meet the terms and conditions agreed upon, which would not be significantly affected by possible changes in the issuing company, in the industry to which it belongs or the economy.
Category C
The Bank/insurance Company has a financial and economic structure with certain deficiencies and has a moderate ability to pay its obligations under the terms and conditions agreed upon, but this is likely to weaken by possible changes in the organization, in the industry it to belongs, or the economy. Subcategories (C + or C-).
A The insurance obligations that have a good ability to meet the terms and conditions agreed upon, but this is likely to deteriorate slightly by possible changes in the issuing company, in the industry to which it belongs or the economy.
Rating
Descriptor
Rating
Descriptor
Category A
The Bank/insurance Company has a strong financial and economic structure and has the greatest ability to pay its obligations under the terms and conditions agreed upon, which would not be affected by possible changes in the organization, in the industry it belongs, or the economy. Subcategories (A + or A-).
AAA The insurance obligations that present the highest capacity to meet the terms and conditions agreed upon, which would not be affected by possible changes in the issuing company, in the industry, or the economy.
Positive
Potential to get a higher rating.
Negative
Potential to get a lower rating.
Stable
Pacific Credit Ratings Outlooks & Modifiers
Rating is not likely to change.
Plus (+)
or
Minus (-)
Signs following ratings to indicate relative standing within each of the rating categories.
CCC
The insurance obligations that present a substantial amount of credit risk.
DD
Insurance companies that are being liquidated or will be liquidated.
BBB
The insurance obligations that have a sufficient capacity to meet the terms and conditions agreed upon. There are
expectations of considerable risk in the long term due to economic conditions, the industry, or the Company.
BB
The insurance obligations that will possibly meet the terms and conditions agreed upon, but this is very
susceptible to deteriorate by possible changes in the issuing company, in the industry it belongs to, or the
economy. Not considered investment grade.
B
The insurance obligations that are risky (i.e. credit risk). There are expectations of high risk due to economic
conditions, the industry, or the Company.
AAA
The insurance obligations that present the highest capacity to meet the terms and conditions agreed upon. Risk
factors are of minimal concern.
AA
The insurance obligations that have a very high capacity to meet the terms and conditions agreed upon. The risk
is moderate but may vary slightly due to economic conditions, the industry, or the Company.
A
The insurance obligations that have a high capacity to meet the terms and conditions agreed upon. There are
expectations of variable risk in the long term due to economic conditions, the industry, or the Company.
A Guide to Define Financial Strength and Other Local Ratings
Pacific Credit Ratings