FINANCIAL STRENGTH
Virginia Surety Company, Inc. (VSC), part of Assurant, Inc. has been given a financial strength rating of A+ from AM Best, an approved rating agency.
The rating of A+ means VSC has a superior ability to meet its ongoing insurance policy and contract obligations. VSC’s rating is reviewed annually by AM Best using the rating scale outlined below.
As of 6 September 2024
AM Best’s Financial Strength Rating Summary
A+ Superior
A Excellent
B+ Good
B Fair
C+ Marginal
C Weak
D Poor
Further information on these rating as well as a full description of the rating scale and methodology used is available on the AM Best website.
SOLVENCY MARGIN
VSC’s solvency information as set out in the most recent Annual Statement filed with the Illinois Department of Insurance and the National Association of the Insurance Commissioners (NAIC) for the period ending 31 December 2024 is shown below in NZD equivalent. The solvency capacity of VSC follows the NAIC prescribed Risk Based Capital calculation and exceeds the minimum requirements of the NAIC and the Illinois Department of Insurance.
-
$619.7m
Solvency Capital -
$116.4m
Prescribed Capital Requirement -
$503.3m
Solvency Margin -
532%
Solvency Ratio
-
$619.7m
Solvency Capital -
$116.4m
Prescribed Capital Requirement -
$503.3m
Solvency Margin
-
532%
Solvency Ratio
The methodology and basis for determining VSC’s solvency margin is in accordance with the RBNZ Interim Solvency Standard 2023.