A.M. Best Affirms Credit Ratings of National Grid Insurance Company (Isle of Man) Limited
The ratings reflect NGICL’s balance sheet strength, which
NGICL’s balance sheet strength is supported by risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), being at the strongest level.
Prospective operating performance remains subject to volatility, due to the captive’s exposure to low frequency, high severity losses in its property damage and business interruption account. However, the impact of large losses on the captive’s balance sheet is partly mitigated by extensive reinsurance protection. The captive has a track record of strong underwriting performance, reflected in a five-year average combined ratio of 64% (2013-2017). NGICL has demonstrated its ability to take corrective pricing actions following large losses.
NGICL remains core to NG’s risk management strategy as its principal captive. It is well-integrated into NG’s overall risk management framework, with its primary objective being to mitigate the NG group’s European financial exposure to casualty, cyber, property damage and business interruption risks.
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.
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