KUALA LUMPUR, Sept 3 (Bernama) -- A.M. Best has affirmed the financial strength rating of A- (excellent) and the long-term issuer credit rating of ‘a-’ of INPEX Insurance Ltd (IIL) Bermuda and the outlook of the ratings is stable.
The ratings reflect IIL’s 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.
A.M. Best said in a statement, IIL’s very strong balance sheet assessment mainly reflects its low underwriting leverage and conservative investment portfolio. Given the volume of risks that the company currently writes and retains, the capital required to support its current book of business is relatively modest.
A.M. Best expects IIL’s operating performance to remain profitable, although the company’s underwriting results also likely will remain volatile until the company can achieve much greater scale.
The stable outlook reflects A.M. Best’s expectation that IIL will continue to deliver consistently positive operating results, supported by a return to growth with strong underwriting margins and stable investment yields.
IIL is a single-parent captive of INPEX CORPORATION (INPEX), which is the largest oil and gas exploration and production company in Japan. In its role as a single-parent captive, it provides coverage that mainly consists of property damage, third-party liability and operator’s extra expenses for its parent, its affiliates and joint-venture companies.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
--BERNAMA
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