KUALA LUMPUR, Aug 30 -- AM Best has affirmed the Financial Strength Rating of A- (excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of ‘a-’ for Asia Capital Reinsurance Group Pte Ltd (Asia Capital Re), Singapore and its subsidiary, Asia Capital Reinsurance Malaysia Sdn Bhd (ACRM), Malaysia.
The rating agency also affirmed the Long-Term ICR of ‘bbb-’ of the holding company, ACR Capital Holdings Pte Ltd (ACR Holdings), Singapore.
The ratings of Asia Capital Re reflect its balance sheet strength, which AM Best categorised as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
Meanwhile, ACRM ratings reflect its balance sheet strength, which AM Best also categorised as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM.
Asia Capital Re’s balance sheet strength assessment is underpinned by risk-adjusted capitalisation that remains comfortably at the strongest level, as measured by Best’s Capital Adequacy Ratio.
This is supported by the company’s conservative capital management approach, low premium leverage and a good quality retrocession panel.
AM Best views Asia Capital Re’s business profile as neutral given its well-established profile as a regional reinsurer in Asia, as well as in other target markets.
More information at www.ambest.com.
-- BERNAMA
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