OLDWICK, NJ–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) to NEIL Overseas Designated Activity Company (NEIL Overseas) (Ireland). The outlook assigned to these Credit Ratings (ratings) is stable.
The rating assignments reflect a full rating enhancement afforded to NEIL Overseas as a newly added group member of Nuclear Electric Insurance Limited (NEIL). The ratings reflect the group’s balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, favorable business profile and appropriate enterprise risk management.
NEIL Overseas was founded in 1998 as a wholly owned subsidiary of NEIL to underwrite insurance programs for nuclear power stations within the European Union. NEIL Overseas benefits from its association with NEIL, with a board of directors composed of members of NEIL’s leadership team, integrated loss prevention and claims teams, reinsurance support and the strong reputation of NEIL within the industry.
The ratings assigned to NEIL Overseas also reflect the existence of explicit financial support from NEIL in the form of an excess of loss reinsurance agreement.
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