AM Best has assigned an initial financial strength rating of A- (excellent) for newly formed Aspen Group US subsidiary, Aspen Speciality Insurance Company (Aspen Speciality).
This follows the announcement by parent company Aspen Insurance Holdings, (AIH) of the commencement of operations by Aspen Speciality.
It said the initial rating reflected a sound business plan and Aspen Specialty's initial capital base of US$100m.
AM Best also affirmed the financial ratings of Aspen Insurance UK (Aspen Re) and Aspen Insurance Limited (AIL).
It confirmed that the A (excellent) rating of Aspen Re and the A- (excellent) rating of AIL remained unchanged. The outlook for both ratings remains stable.
It said the ratings continued to reflect the stand-alone prospective risk-adjusted capital positions of the companies.
Aspen Speciality was formed to allow the group to gain greater access to the favourable US excess and surplus lines market, said AM Best.
