Ratings agency AM Best has affirmed the financial strength rating of B++ (Good) of AES Global Insurance Company (AGIC), the Vermont-based single-parent captive of power company AES Corp.
Furthermore, the captive's long-term issuer credit rating has been upgraded to bbb+ from bbb, reflecting AGIC's balance sheet strength, which has been categorised as strong, as well as its strong operating performance, neutral business profile, appropriate enterprise risk management, and the continued improved business profile of AES Corp.
The ratings also reflect AGIC’s continued favourable operating trends and risk-adjusted capitalisation, sound risk management capabilities with a focus on sustaining improvement capitalisation, underwriting performance and conservative balance sheet strategies.
AGIC is a core part of AES Corp's overall risk management programme, utilising the captive as an internal part of this process AES Corp continually evaluates the use of AGIC for other risk management objectives of the group as they arise, with the energy company.
AES, Captive, AM Best, Vermont, North America