A.M Best, the international credit rating organisation has lately reconfirmed the financial strength rating (FSR) of B+ (Good) and an insurer credit rating (ICR) of BBB-for PVI Insurance Corp (PVI Insurance) for the third year, At the same time, A.M Best has assigned the FSR of B+ and ICR of BBB- for PVI Reinsurance Co (PVI Re). Both companies are the subsidiaries of PVI Holdings.
The ratings reflect PVI Insurance and PVI Re’s adequate risk-based capitalisation, the financial commitment from their immediate parent company, PVI Holdings, and support from the strategic partners of PVI Holdings, Talanx AG (Talanx) and Oman Investment Fund (OIF). The ratings also consider the expected favourable operating performance of both companies in the coming years and management efforts to improve their enterprise risk management framework.
Both PVI Insurance and PVI Re started operation in August 1, 2011 and are wholly owned by PVI Holdings, under the group’s restructuring last year.