AM Best establishes subsidiary following restructure
Rating agency AM Best has established a new subsidiary, AM Best Rating Services, following an organisation restructure.
AM Best Rating Services will be led by Larry Mayewski, president and chairman, and will operate AM Best’s regulated rating-centric business.
In addition, Matthew Mosher takes on added responsibilities as executive vice president and chief operating officer, reporting to Mayewski. Mosher and Mayewski also will serve as members of the Rating Services subsidiary’s board of directors.
The rating agency said the restructure will better align its strategic goals and objectives with the current global challenges of increased regulation of credit rating agencies
AM Best also has named two new members to the Rating Services subsidiary’s board as independent directors; Shaun Flynn and William Jenkins.
Flynn and Jenkins join the board with numerous years of insurance industry experience in the areas of credit rating analytics, data and risk management, strategic planning and insurance company operations.
AM Best’s information products and services will remain with the parent company in a separately established business unit, AM Best Information Services, led by Paul Tinnirello, executive director, and Karen Heine, executive vice president, Global Information Products & Services, who will be reporting to Tinnirello.
“On January 1, 2016, AM Best Rating Service became operational to best satisfy the legal and regulatory obligations stemming from the Dodd-Frank Wall Street Reform and Consumer Protection Act,” said Arthur Snyder, president and chairman of AM Best.
“This restructuring will enable AM Best to better respond to increased regulatory requirements for the independence of rating analytics from other services provided by the company.”
