Press Release|Insurance

KBRA Affirms and Withdraws the IFSR Ratings for the Operating Companies of Knight Insurance Group

7 Aug 2023   |   New York

Contacts

KBRA affirms the A- insurance financial strength ratings (IFSRs) of Knight Insurance Company, Ltd., Knight Specialty Insurance Company, Knightbrook Insurance Company, and Guilderland Reinsurance Company, collectively referred to as Knight Insurance Group. The Outlook for the ratings is Stable.

KBRA subsequently withdraws all ratings at the companies' request.

Key Credit Considerations

The ratings reflect the companies' strong capital position, generally profitable underwriting results over the past five years, low financial leverage, and the ultimate parent company and affiliates operational and financial support. These credit strengths are offset by the company’s elevated investment risk, reliance on fronting arrangements, material adverse loss reserve development over the past five years and material affiliated party transactions.

To access ratings and relevant documents, click here.

Methodologies

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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