Aon reports dip in US P&C companies upgraded to ‘A’ by AM Best in 2023

In 2023, Aon observed that only 6 out of 175 US Property and Casualty (P&C) companies were upgraded by AM Best from an “A-” to an “A” rating based on their own merit, which is below the 5-year average of 9 upgrades per year.

In the first half of 2024, only 2 companies received an upgrade from “A-” to “A” based on their own performance.

In 2023, just 1 company was upgraded from “B++” to “A-” based on its own performance, occurring in the latter half of the year. This is also below the 5-year average of 4 upgrades per year.

Aon reports that 6 companies were downgraded from “A-” to “B++” in 2023, slightly below the 5-year average of 7 downgrades per year. In the first half of 2024, there have already been 3 such downgrades.

From 2019 to 2024, 43 companies with an “A-” rating were given a Positive Outlook and later upgraded to “A.” The median duration under Positive Outlook was 1 year, with most upgrades occurring within 1-2 years. No company remained on Positive Outlook for more than 3 years.

During the same period, 27 “A-” companies were placed on Negative Outlook but later moved to a stable outlook without a rating change. Most of these companies remained on Negative Outlook for 3 years or less, though some experienced longer periods.

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