Aspen receives credit rating upgrade from AM Best

AM Best has upgraded the Financial Strength Rating (FSR) of Bermuda-based re/insurer Aspen and its subsidiaries to A+ (Superior) from A (Excellent). The Long-Term Issuer Credit Ratings for these entities have also been raised to “aa-” (Superior) from “a” (Excellent), with a positive outlook.

Included in the upgrade are subsidiaries Aspen Insurance UK Limited, Aspen Bermuda Limited, Aspen American Insurance Company, and Aspen Specialty Insurance Company. The agency noted that the ratings reflect the consolidated balance sheet strength of Sompo Japan Insurance Inc., assessed as “strongest,” alongside strong operating performance and a favorable business profile.

The upgrade follows the acquisition of Aspen by Sompo Holdings, Inc. and a review of integration plans. Concurrently, the Long-Term ICR of the non-operating holding company, Aspen Insurance Holdings Limited, was upgraded to “a-” (Excellent) from “bbb” (Good).