A.M. Best Assigns Ratings to Cardif Property and Casualty Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has assigned a financial strength rating (FSR) of A- (Excellent) and an issuer credit rating (ICR) of “a-” to Cardif Property and Casualty Insurance Company (Cardif P&C) (Texas). The outlook assigned to both ratings is stable.

The ratings and outlook reflect Cardif P&C’s excellent risk-adjusted capitalization and the explicit and implicit support from its immediate parent, Cardif Holdings, Incorporated (CHI) and CHI's parent, BNP Paribas Assurance (BNP Paribas Assurance) (France), one of the world's largest providers of credit protection products. BNP Paribas Assurance is the insurance holding company of the ultimate parent, BNP Paribas.

These strengths are somewhat offset by the execution risk associated with Cardif P&C expanding its operations into the United States and the highly competitive environment within the credit insurance market.

For Best’s Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

A.M. Best Company
Analysts:
Charles Meyer, 908-439-2200, ext. 5374
charles.meyer@ambest.com
or
Michael Lagomarsino, CFA, 908-439-2200, ext. 5810
michael.lagomarsino@ambest.com
Or
Public Relations:
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com