A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit rating (ICR) of "aa-" of Euler American Credit Indemnity Company (Owings Mills, MD), a wholly owned subsidiary of Euler Hermes ACI Holding, which is a wholly owned subsidiary of Euler S.A. (Paris, France). Euler S.A. is the global leader in accounts receivable insurance with leading market positions in over 40 countries, with a global market share of 34%. Euler S.A. is a member of Allianz Aktiengesellschaft (Muenchen, Germany). The outlook for both ratings is stable.
The ratings reflect the solid capitalization, operating performance and significant market presence of Euler American Credit Indemnity Company, as the number one trade accounts receivable insurer in the United States.
These ratings also recognize the company's excellent operating earnings in recent years, as well as the implementation of underwriting initiatives designed to stabilize results while simultaneously reducing Euler American Credit Indemnity Company's overall cost structure. The company's competitive advantages include its strong market presence, its vast proprietary debtor databases, conservative leverage, experience in the credit field and parental support.
The rating outlook reflects A.M. Best's expectation that the company will continue to generate strong earnings in the future.
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