AM Best Affirms Credit Ratings of Global Indemnity Group, LLC and Its Subsidiaries
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 the U.S. operating subsidiaries of Global Indemnity Group, LLC (Global Indemnity) (Delaware) [NASDAQ: GBLI]. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of Global Indemnity. (See below for a complete list of companies and ratings.) The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Global Indemnity’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The balance sheet strength assessment reflects Global Indemnity’s risk-adjusted capitalization being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by a strategically conservative investment portfolio, and added financial flexibility afforded by its parent’s access to the capital markets. The company reported modest levels of adverse reserve development in recent years. Global Indemnity currently has no long-term debt in its capital structure.
