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Compare insurer financial strength ratings by checking that each agency rated the same legal insurer, assessed the same kind of insurance obligation, and used a comparable scale. Then read each agency’s symbol, status and rationale on its own terms; there is no reliable universal conversion that makes different agencies’ grades interchangeable.
Start with the insurer that actually issues the policy
Find the legal name of the insurance company named as the insurer on the policy or quote. A brand, corporate group, parent company and policy-issuing subsidiary can be different entities, and one entity’s rating does not automatically describe another’s. Check the agency disclosure to confirm the exact entity rated before comparing grades.
This matters especially when a group operates through multiple insurers, or when a brand sells policies underwritten by another company. If the entities differ, treat the ratings as separate opinions rather than as a direct comparison of the company that will owe the policy obligations.
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Confirm that the ratings cover the same kind of obligation
Look for an insurer financial strength rating (often abbreviated IFS or FSR, depending on the agency) and verify what the agency says it assesses. S&P Global describes its Insurer Financial Strength Rating as a “forward-looking opinion about an insurance organization’s ability to pay its policies and contracts.” S&P Global Ratings explains the rating’s scope.
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AM Best likewise defines its Financial Strength Rating as an independent opinion of an insurer’s financial strength and ability to meet ongoing insurance policy and contract obligations. It says the rating is not assigned to a specific policy or contract and is not a recommendation to buy, hold or terminate insurance. AM Best’s guide to its ratings also describes rating categories and designations.
Do not substitute a holding-company issuer rating, a bond rating or another credit opinion without clearly labeling the difference. Those opinions may concern a different entity or obligation. If rating types do not match, note that the comparison is limited rather than presenting the symbols as equivalent measures.
Check the scale before interpreting the symbols
Read each agency’s own definition
Letters and symbols are not a shared grading language. Read the agency’s definition for the particular rating type and scale, then record the agency’s category or explanation alongside the published symbol. AM Best, for example, describes seven FSR categories—Superior, Excellent, Good, Fair, Marginal, Weak and Poor—and uses notches within six categories. It also lists non-rating designations, including NR and symbols for special regulatory status; these should not be mistaken for ordinary category grades. AM Best’s guide provides the agency’s descriptions.
Fitch’s rating definitions include a dedicated Insurer Financial Strength section. On its published long-term international scale, Fitch characterizes BBB− and higher as secure and BB+ and lower as vulnerable. Those thresholds describe Fitch’s scale; they do not establish a direct conversion to another agency’s symbols. Fitch’s Rating Definitions dated September 19, 2025 set out its terminology.
Separate global and national scales
Record whether a rating uses a global scale or a national scale, and name the country for a national-scale rating. A national-scale opinion expresses relative credit standing among entities in that country; it is not automatically calibrated like a global-scale grade. AM Best’s national-scale methodology describes country-specific mappings from its global scale. The methodology document is labeled a draft, so confirm the current agency disclosure before applying it to a particular insurer. AM Best’s national-scale methodology explains the distinction.
Record status and date, not just the grade
A rating symbol alone omits information that can change how a reader should interpret the opinion. For each agency, capture the published rating and category, the date of the latest rating action or publication, and any outlook, watch or review status, modifiers, or special designation. Use the agency’s own disclosure to interpret these labels: their meaning and application are agency-specific. Because rating opinions and statuses can change, a comparison should identify the date on which it was current.
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Build a like-for-like comparison
Use one row per agency, and fill in the same fields for each. This makes mismatches visible before you draw conclusions.
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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →| Field | What to record |
|---|---|
| Legal entity | The exact insurer named in the agency disclosure, not just its brand or group. |
| Agency | The rating agency issuing the opinion. |
| Rating type | Confirm it is an insurer financial strength rating; identify any different opinion explicitly. |
| Scale | Global scale, or national scale and country. |
| Published rating | The symbol and the category or definition assigned by that agency. |
| Status and modifiers | Outlook, watch or review notation, modifiers, and special designations. |
| Date | The agency’s publication or rating-action date. |
| Disclosure | A direct link to the agency page or document supporting the entry. |
Once the rows are complete, compare the direction and stated rationale of the opinions. If agencies appear to disagree, check first whether they assessed the same entity, obligation and scale, and whether their actions are from comparable dates. Their analytical approaches can also differ: S&P’s insurer methodology, for example, sets out agency-specific business-risk and financial-risk assessment steps. S&P’s insurer methodology helps explain why opinions may diverge, but it does not provide a universal symbol-conversion rule.
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- If the entities, rating types, scales or dates do not match, label the comparison as limited.
- If the symbols differ, explain what each agency says its own symbol means instead of averaging or mechanically converting the grades.
- If the symbols look similar, do not assume the underlying definitions or opinions are identical.
Use ratings as one part of due diligence
A strength rating is an agency opinion about financial strength and the ability to meet insurance obligations; it is not a guarantee that a specific claim will be paid. AM Best says its FSR does not assess claims-payment procedures, disputes involving misrepresentation or fraud, or whether a particular policy is suitable. Its rating guide explains these limits.
Keep the rating comparison separate from questions about policy wording, exclusions, the insurer identified in the contract, applicable regulation and whether the coverage meets the buyer’s needs. Consumers, brokers and risk managers can use ratings as evidence in due diligence, but the ratings do not answer those policy-specific questions.
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