A.M. Best Affirms Credit Ratings of Polskie Towarzystwo Reasekuracji S.A.
The ratings reflect Polish Re’s balance sheet strength, which
Polish Re’s balance sheet strength is underpinned by the strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, supported historically by good, albeit volatile, internal capital generation. An offsetting factor for Polish Re’s balance sheet strength assessment is the historical volatility in reserving, principally associated with motor third-party liability (MTPL) business in
Polish Re’s historical operating performance has been subject to volatility, with pre-tax profits ranging from a loss of PLN 22.5 million to a gain of PLN 22.0 million over the 2013-2017 period. The main source of volatility has been the MTPL portfolio, which was put into run-off in 2014. Tightened underwriting discipline and improved claims experiences throughout the financial year led to improvements in 2017 underwriting performance, as demonstrated by a technical profit of PLN 13.1 million, up from a loss of PLN 4.7 million in 2016.
Polish Re benefits from its diversified portfolio offering and long-standing presence across
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
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