KUALA LUMPUR, Sept 3 (Bernama) -- A.M. Best has affirmed the financial strength rating of A- (excellent) and the long-term issuer credit ratings of “a-” of Asia Capital Reinsurance Group Pte Ltd (Asia Capital Re) Singapore and its subsidiary, Asia Capital Reinsurance Malaysia Sdn Bhd (ACRM) Malaysia.
Also affirmed is the long-term issuer credit ratings of “bbb-” of the holding company, ACR Capital Holdings Pte Ltd (ACR Holdings) Singapore. The credit ratings reflects the standard notching from Asia Capital Re, its primary operating entity.
The ratings of Asia Capital Re reflect its balance sheet strength, which A.M. Best categorised as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
Asia Capital Re’s risk-adjusted capitalisation as measured by Best’s Capital Adequacy Ratio (BCAR), remains solid and is supported by low underwriting leverage and good asset quality, a statement said.
The ratings of ACRM reflect its balance sheet strength, which A.M. Best categorised as very strong as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings also reflect the support received from its parent, Asia Capital Re.
Further negative actions regarding Asia Capital Re could arise from deterioration in its operating performance. A revision to a stable outlook could occur if Asia Capital Re achieves sustained underwriting profitability while meeting its planned premium targets.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. More details at www.ambest.com.
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