Articles from AM Best

AM Best will host a joint presentation with the Insurance Marketing & Communications Association (IMCA) CMO Council, titled, “By the Numbers: What Insurance Marketers Should Know About Insurance Data” on Friday, Jan. 24, 2025, at Noon (EST). Register today.

AM Best is maintaining its stable outlook on Costa Rica’s insurance industry due to premium growth and a steady regulatory environment.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” (Superior) of RGA Reinsurance Company (Chesterfield, MO), RGA Americas Reinsurance Company Ltd (Bermuda), RGA Life Reinsurance Company of Canada (Toronto, Canada), Aurora National Life Assurance Company (Chesterfield, MO) and RGA Life and Annuity Insurance Company (RLAC) (Chesterfield, MO). These companies are subsidiaries of Reinsurance Group of America, Incorporated (Chesterfield, MO) [NYSE: RGA] and collectively referred to as RGA. AM Best also has affirmed the Long-Term ICR of “a-” (Excellent) and all existing Long-Term Issue Credit Ratings (Long-Term IR) on the debt securities and indicative shelf ratings of Reinsurance Group of America, Incorporated. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the Long-Term IRs.)

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of First Net Insurance Company (First Net) (Guam).

AM Best has revised the outlooks to negative from stable for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of Brighthouse Life Insurance Company (headquartered in Charlotte, NC), New England Life Insurance Company (Boston, MA) and Brighthouse Life Insurance Company of NY (New York, NY). These entities are collectively referred to as Brighthouse and are operating as insurance subsidiaries of Brighthouse Financial, Inc. (Brighthouse Financial) (headquartered in Charlotte, NC) [NASDAQ: BHF]. The outlook of the FSR is stable.

AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Wingsail Insurance Company, a 100% reinsured subsidiary of Spinnaker Insurance Company. The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Spinnaker Insurance Company and its 100% reinsured subsidiary, Spinnaker Specialty Insurance Company. The outlook of these ratings is stable. All companies are headquartered in Bedminster, NJ and collectively referred to as Spinnaker Insurance Group (Spinnaker).

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Colonnade Insurance S.A. (Colonnade) (Luxembourg), a member of the Fairfax Financial Holdings Limited (Fairfax) [TSX: FFH] group of companies. The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Etiqa General Insurance Berhad (EGIB) (Malaysia). The outlook of these Credit Ratings (ratings) is stable.

Senior analysts from AM Best will review proposed updates to its draft criteria procedure, “Rating Captives and Other Alternative Risk Transfer Entities,” in an online briefing scheduled for Wednesday, 29 January 2025, at 2 p.m. GMT (3 p.m. CET).

AM Best expects insured losses from the California wildfires to be significant, with more-concentrated individual insurers likely to be more negatively impacted. However, the longer-term impact on the state’s market also may be substantial as insurers will further re-examine their appetites for wildfire risk as it has become highly unpredictable with respect to location, intensity and seasonality.

AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “a-” (Excellent) of Columbia Lloyds Insurance Company and MDOW Insurance Company, which are collectively referred to as Columbia Lloyds Companies (Columbia Lloyds). Both companies are domiciled in Houston, TX. The outlook of the FSR has been revised to stable from negative, while the Long-Term ICR is negative.

AM Best has downgraded the Financial Strength Rating to B-(Fair) from B (Fair) and the Long-Term Issuer Credit Ratings to “bb-” (Fair) from “bb+” (Fair) of Rutgers Casualty Insurance Company and American European Insurance Company, which operate an intercompany reinsurance pooling agreement, and are collectively known as AEIG or the group. Both companies are headquartered in Cherry Hill, NJ. Concurrently, these Credit Ratings (ratings) have been placed under review with negative implications.

AM Best has placed under review with developing implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of First Guard Insurance Company (First Guard) (Scottsdale, AZ). First Guard is a subsidiary of Biglari Holdings Inc. [NYSE: BH].

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of BMO Life Assurance Company (BMOLAC) (Toronto, Canada). The outlook of these Credit Ratings (ratings) is stable.

AM Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Velocity Specialty Insurance Company (VSIC) (Delaware).

AM Best is maintaining its negative outlook on Colombia’s insurance industry, citing challenging economic conditions and political uncertainty.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of South China Insurance Co., Ltd. (South China Insurance) (Taiwan). The outlook of these Credit Ratings (ratings) is stable.

AM Best is pleased to announce the appointment of Kenneth J. Johnson as senior managing director and chief ratings officer, responsible for AM Best’s global ratings coverage.

AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of Employers Preferred Insurance Company and its pooled affiliates, collectively referred to as Employers Insurance Group (Employers). (See below for a detailed list of companies.) Concurrently, AM Best has upgraded the Long-Term ICR to “bbb” (Good) from “bbb-” (Good) and the indicative Long-Term Issue Credit Ratings (Long-Term IR) of Employers Holdings, Inc. (EHI) [NYSE: EIG], the publicly traded ultimate parent of Employers. The outlook of these Credit Ratings (ratings) has been revised to stable from positive. All companies are headquartered in Reno, NV.

Best’s Review starts the new year with the publication of the Guide to Understanding the Insurance Industry as the January edition of the magazine. A high-level overview designed with students, new employees and prospects in mind, the guide furthers the magazine's mission to inform readers about the workings of the insurance industry, particularly in the United States.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Stellar Insurance, Ltd. (Stellar) (Bermuda), an indirect wholly owned subsidiary of the Saudi Arabian Oil Company (SAOC). The outlook of these Credit Ratings (ratings) is stable.

AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of Southern Trust Insurance Company (Southern Trust) (Macon, GA). The outlook assigned to these Credit Ratings (ratings) is negative.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Centerline Insurance Company (Centerline) (headquartered in Knoxville, TN). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.

AM Best has removed under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Sutton Specialty Insurance Company (SSIC) and Sutton National Insurance Company (SNIC), which are collectively known as Sutton National Group (the group). SSIC and SNIC are domiciled in Oklahoma City, OK. The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best’s Dawn Walker appears as a guest in an episode of the Future of Insurance podcast, which highlights thought leadership from across the insurance industry, to discuss the state of the Delegated Underwriting Authority Enterprise (DUAE) segment.

Senior analysts from AM Best will review the rating of insurance-related asset-backed securities (ABS) transactions in an online briefing scheduled for Thursday, Jan. 9, 2025, at 11 a.m. (EST).

As China continues to lead the way globally in producing and selling new energy vehicles (NEV), the trend has spurred a sixfold increase in related insurance premiums for this segment in just the past five years alone, according to a new AM Best report.

Allianz SE remained in its top spot in AM Best’s ranking of the world’s 25 largest insurance companies by nonbanking assets for a fifth straight year, at $1.09 trillion, while UnitedHealth Group Incorporated held onto its top spot by net premiums written (NPW) for a 10th straight year, growing NPW by 13% in 2023 to $290.8 billion.

Over the past year, Best’s Review readers have been most interested in the following insurance news coverage:

AM Best has placed under review with developing implications the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of Aviva Insurance Limited (AIL) (United Kingdom). AIL is a wholly owned subsidiary of Aviva plc (Aviva) (United Kingdom), the non-operating holding company of the Aviva group.

AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to Min Xin Insurance Company Limited (MXIC) (Hong Kong). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Gaviota Re S.A. (Gaviota) (Luxembourg). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to C++ (Marginal) from B- (Fair) and the Long-Term Issuer Credit Rating to “b+” (Marginal) from “bb-” (Fair) of Ghana Reinsurance PLC (Ghana Re) (Ghana). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Irwell Insurance Company Limited (Irwell) (United Kingdom). The outlook of the FSR is stable.

December’s Best’s Review includes the following exclusive rankings:

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Union Insurance Company P.J.S.C. (Union) (United Arab Emirates).

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to The Japan Ship Owners’ Mutual Protection & Indemnity Association (Japan P&I or the Club) (Japan). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating to “bbb” (Good) from “a-” (Excellent) of M&C General Insurance Company Limited (M&C General) (St. Lucia). The outlooks assigned to these Credit Ratings (ratings) is stable.

AM Best and Best’s Insurance Professional Resources have released the latest installment of the Best's Insurance Law Podcast series, which examines timely insurance issues from a legal perspective.

AM Best has maintained the under review with negative implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Cowen Reinsurance S.A. (Cowen Re) (Luxembourg).

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of RoyalStar Assurance Ltd. (RSA) (Nassau, The Bahamas). The outlook of these Credit Ratings (ratings) is stable.

AM Best has downgraded the Financial Strength Rating to C++ (Marginal) from B (Fair) and the Long-Term Issuer Credit Ratings to “b+” (Marginal) from “bb” (Fair) of Blue Cross and Blue Shield of Vermont (BCBSVT) and its subsidiary, The Vermont Health Plan, LLC, collectively known as Blue Cross and Blue Shield of VT Group (BCBSVT Group). In addition, AM Best has maintained the under review with negative implication status for these Credit Ratings (ratings).

AM Best has removed from under review with positive implications and upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “bbb” (Good) and affirmed the Financial Strength Rating of B++ (Good) of Physicians Health Plan of Northern Indiana, Inc. (PHP) (Fort Wayne, IN). The outlook assigned to these Credit Ratings (ratings) is positive.

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) on the $1.654 billion, 6.00% Series Hannover, No. 1 variable funding credit-linked note (note), due Oct. 1, 2044, issued by Weston2044 LLC (Weston2044), a Delaware limited liability company (issuer). The outlook assigned to the Credit Rating (rating) is stable.

Viewers can now access highlights from the AM Best-hosted webinar “Loss Trends in Cyber Liability Insurance,” sponsored by Munich Re US.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” (Good) of Colina Insurance Limited (Colina). In addition, AM Best has affirmed the Long-Term ICR of “bb+” (Fair) of Colina Holdings Bahamas Limited (CHBL). Both companies are domiciled in Nassau, Bahamas. The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of the non-operating holding company, Legal & General Group Plc (L&G) (United Kingdom). Concurrently, AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of L&G’s rated subsidiaries (listed below). At the same time, AM Best has upgraded the FSR to A+ (Superior) from A (Excellent) and the Long-Term ICR to “aa-” (Superior) from “a” (Excellent) of Legal & General Reinsurance Company No. 2 Limited (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Nova Casiopea Re S.A. (NCRe) (Luxembourg). The outlook of these Credit Ratings (ratings) is stable.

AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of a+ (Excellent) of Louisiana Workers’ Compensation Corporation (LWCC) (Baton Rouge, LA) are unchanged following the Dec. 18, 2024, announcement that it will acquire all of the outstanding shares of Prescient National Insurance Company (PNIC) (Charlotte, NC). The transaction is an all-cash transaction, which has received regulatory approval and is expected to close by year-end 2024.

AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Prescient National Insurance Company (PNIC) (Charlotte, NC), are unchanged following the Dec. 18, 2024, announcement that all outstanding shares of Prescient Holdings, LLC (Charlotte, NC) will be acquired by Louisiana Workers’ Compensation Corporation (LWCC) (Baton Rouge, LA). The outlook of PNIC’s Credit Ratings (ratings) is stable.

Video playback is available for a complimentary webinar titled, “Stronger Together: How Combining Credit and Public Records Data Can Yield Sharper Views of Insurance Risk,” sponsored by LexisNexis® Risk Solutions. Access it here.

AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of National Insurance Company (NIC) (Jordan). The outlook of these Credit Ratings (ratings) is stable.

AM Best is maintaining a stable outlook on Malaysia’s non-life insurance segment, citing sustained underwriting and pricing discipline, along with expected premium growth backed by regulatory reforms designed to increase insurance penetration.

AM Best has removed under review with negative implications and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Centerline Insurance Company (Centerline) (headquartered in Knoxville, TN). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Conduit Reinsurance Limited (Conduit Re) (Bermuda).

The pace of insurance borrowings from the Federal Home Loan Bank (FHLB) slowed last year following a spike when many U.S. life/annuity insurance companies took advantage of the lower cost of borrowing to capitalize on high interest rates and new money yields, according to a new AM Best report.

AM Best is maintaining its outlook for Germany’s non-life insurance segment at negative.

The December issue of Best’s Review focuses on insurance auditors and actuaries:

AM Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good) to Casualty & General Insurance Company (Europe) Limited (CGICE) (Gibraltar). The entity is a subsidiary of CG Holdings (Gibraltar) Limited (CGH), the non-operating holding company of the group. The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has commented that the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of Nippon Life Insurance Company (Nissay) (Japan) remain unchanged following the announcement of the acquisition of Resolution Life Group Holdings Ltd. (Resolution Life) on 11 December 2024.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Al Fujairah National Insurance Company PSJC (AFNIC) (United Arab Emirates) [UAE]. The outlook of these Credit Ratings (ratings) is negative.

AM Best has maintained its stable outlook on Japan’s life insurance market segment, citing in part the growth in premium income and stable core profits that are supported by higher levels of investment income, according to a new AM Best report.

AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Rating of “aa+” (Superior) of Chubb Seguros Panama S.A. (Chubb Panama) (Panama City, Panama). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Abu Dhabi National Takaful Company P.S.C. (ADNTC) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of the grouped subsidiaries of Chubb Limited (Chubb) (Zurich, Switzerland) [NYSE: CB]. These include Chubb’s rated U.S., Canada, Bermuda, Europe and Panama-based insurance and reinsurance subsidiaries (collectively Chubb Group of Insurance Companies, or Chubb Group). Concurrently, AM Best has affirmed the Long-Term ICRs of “a+” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IR) of Chubb Limited and Chubb INA Holdings LLC (Delaware). In addition, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Combined Insurance Company of America (Chicago, IL) and Combined Life Insurance Company of New York (Latham, NY) (together known as the Combined companies). AM Best also has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of ACE Life Insurance Company (ACE Life) (Stamford, CT). At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Chubb Life Insurance New Zealand Limited (Chubb Life NZ) (New Zealand). The outlook of these Credit Ratings (ratings) is stable. (Please see the link below for a detailed listing of the companies and ratings.)

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of MS Amlin Insurance SE (MS AISE) (Belgium). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb+” (Good) and the India National Scale Rating (NSR) of aaa.IN (Exceptional) of The New India Assurance Company Limited (New India) (India). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" (Excellent) to American Atlantic Assurance Co. Ltd. (Malta). The outlook assigned to these Credit Ratings (ratings) is negative.

AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb” (Good) and the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) of Bao Minh Insurance Corporation (BMI). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to positive from stable for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Starr International Insurance (Thailand) Public Company Limited (SIIT) (Thailand).

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Transmonde Services Insurance Company Limited (Transmonde) (Hamilton, Bermuda). The outlook of these Credit Ratings (ratings) is stable.

AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “bbb” (Good) and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Tune Protect Re Ltd. (TPR) (Malaysia). In addition, AM Best has revised the Long-Term ICR outlook to stable from positive, while the outlook of the FSR is stable.

Best’s Review has launched AM Best’s Bookstore, a digital location for information about recently published insurance-focused books that have been featured in the magazine.

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of Talcott Resolution Life Insurance Company, Talcott Life Re, Ltd. (Bermuda) and Talcott Resolution Life and Annuity Insurance Company. These companies are domiciled in Hartford, CT and collectively referred to as Talcott Financial Group (TFG). Additionally, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of Talcott Resolution Life, Inc. (Delaware), along with its Long-Term Issue Credit Ratings (Long-Term IRs). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the Long-Term IRs).

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Jackson National Life Insurance Company (JNL), its wholly owned subsidiary, Jackson National Life Insurance Company of New York, and its direct parent, Brooke Life Insurance Company. These companies together are referred to as Jackson National Group (JNG). The outlook of the FSR is stable, while the outlook of the Long-Term ICRs is positive. Concurrently, AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) on the notes issued under JNL’s funding agreement-backed securities program, and the Long-Term IR of “bbb+” (Good) of JNL’s surplus notes.