A.M. Best Affirms Credit Ratings of Asian Reinsurance Corporation
The ratings reflect Asian Re’s balance sheet strength, which
Asian Re’s balance sheet strength reflects solid risk-adjusted capitalization that is supported by low underwriting leverage and an investment portfolio consisting mostly of cash and deposits. However, there is the potential for transfer restrictions as some of these deposits are placed with entities that have been sanctioned in the past.
In terms of operating performance, the company experienced deterioration in underwriting results this year, partially due to reserve developments. A steady stream of interest income has mitigated the impact of this deterioration. Overall, Asian Re’s capital and surplus has remained fairly stable.
Following losses from catastrophe events in 2011 and 2012, Asian Re recapitalized and improved its capital position. As of year-end 2017, its capital stood at
Positive rating actions could result from the company successfully rebuilding its premium base while improving underwriting results.
Negative rating actions could result from material deterioration in Asian Re’s operating performance or if transfer restrictions are placed on its assets.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180329005907/en/
Financial Analyst
+65 6303 5018
[email protected]
or
Chi-Yeung Lok
Director, Analytics
+65 6303 5016
[email protected]
or
Manager, Public Relations
+1 908 439 2200, ext. 5159
[email protected]
or
Director, Public Relations
+1 908 439 2200, ext. 5644
[email protected]
Source:
China United Insurance Service, Inc. Files SEC Form 10-K, Annual Report [Section 13 And 15(D), Not S-k Item 405]: (Mar. 15, 2018)
A.M. Best Affirms Credit Ratings of China Taiping Insurance (Macau) Co., Ltd.
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News