AM Best assigns A (Excellent) rating to Coface North America Insurance Company, with stable outlook
Rating agency AM Best has just assigned Coface North America Insurance Company the ‘A’ (Excellent) Insurer Financial Strength (IFS) rating, with stable outlook.
Coface North America Insurance Company (CNAIC) is a major credit-insurance operating entity of the Coface Group and its main vehicle to access the large North American market.
In its press release, AM Best highlights that this rating reflects “Coface’s balance sheet strength, which A.M. Best categorises as very strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management”.
While the rating agency classifies the Coface Group as a mono-line insurer, it highlights its good diversification by geography and business sector. The agency believes the Group benefits from its market leading position within the global credit insurance sector and underlines Coface’s growing revenues from fee-based services.
AM Best views positively the “introduction of a new three-year strategic plan titled Fit to Win”, which focuses on “operational efficiencies and value creation rather than pure business growth”.
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