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A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of “a” of Allied World Assurance Company, Ltd. (Bermuda) (Allied World) and its operating affiliates. In addition, A.M. Best has affirmed the ICR of “bbb”, the debt rating of “bbb” on $500 million of senior unsecured notes due 2016 and the indicative ratings of Allied World Assurance Company Holdings, Ltd. (Allied World Holdings) (Bermuda) [NYSE: AWH]. The outlook for all ratings is stable.

Concurrently, A.M. Best has affirmed the FSR of A (Excellent) and ICRs of “a” of Darwin National Assurance Company (Delaware) and Darwin Select Insurance Company (Arkansas) (collectively Darwin). These companies have now been incorporated into Allied World. (See below for a detailed listing of the companies and ratings.)

Allied World’s ratings reflect its strong risk-adjusted capitalization, stable management team and strong operating performance. In 2008, Allied World was one of only a few Bermuda-based property/casualty insurers to grow shareholders’ equity despite the market turmoil and catastrophe events. During 2008, Allied World established a U.S. reinsurance company, expanded its presence in Europe and Hong Kong and acquired Darwin, which provided a book of U.S. small account primary healthcare and professional liability business. Darwin represents a material component of Allied World’s primary insurance operations in the United States, and these two organizations now have been integrated into Allied World’s operations, providing for significant efficiencies and controls.

Partially offsetting these positive ratings factors is the current soft pricing environment in addition to the unstable financial markets. Although, in A.M. Best’s opinion, given Allied World’s strong risk-adjusted capital position, risk awareness and strategic expansion initiatives described above, the company is well-positioned for varying market conditions.

The FSR of A (Excellent) and ICRs of “a” have been affirmed for Allied World Assurance Company, Ltd and its following operating affiliates: Allied World Assurance Company (U.S.) Inc. Allied World National Assurance Company Allied World Reinsurance Company Allied World Assurance Company (Europe) Limited Allied World Assurance Company (Reinsurance) Limited Darwin Select Insurance Company Darwin National Assurance Company The following debt rating has been affirmed: Allied World Assurance Company Holdings, Ltd– — “bbb” on $500 million 7.50% senior unsecured notes, due 2016

The following indicative ratings have been affirmed for securities available under shelf registration: Allied World Assurance Company Holdings, Ltd– — “bbb” on senior unsecured

– “bbb-” on subordinated

– “bb+” on preferred stock

For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

Keywords: A.M. Best Co., Professional Services, Banking, Finance, Insurance, China, Asia, Finance, Financial, Financial Market, Hong Kong, Insurance, Investing, Investment, Preferred Stock, Stock Market

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This entry was posted on Monday, July 27th, 2009 at 4:34 pm and is filed under Dental Care & Health Care. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.