AM Best revises RVI outlook
AM Best has just revised its outlook from stable to positive for Bermuda-based RVI Guaranty Co Ltd, one of the world's largest insurance companies to specialise in underwriting and marketing of residual value insurance for clients engaged in asset-based financing.
Best affirmed the financial strength rating of B++ (Good) and the issuer credit ratings of “bbb+” of the company and its Connecticut-domiciled subsidiary, RVI America Insurance Company (RVI America) (collectively known as RVI).
Coverage is purchased from RVI by participants in asset-based finance transactions to obtain third-party financial support either due to regulatory and accounting issues or for protection against the unexpected decline in the market value of an asset.
The ratings reflect RVI's operating and underwriting results, conservative investment portfolio and improvement in the market value of its insured assets, business profile and risk-adjusted capital.
The outlook reflects RVI's operating results, risk-adjusted capitalisation as measured by Best's Capital Adequacy Ratio and its continued leading market position in providing residual value insurance.