A.M. Best Affirms Credit Ratings of Samsung Fire & Marine Insurance Company of Europe, Limited
The ratings reflect SFME’s balance sheet strength, which
The company’s balance sheet strength assessment is underpinned by risk-adjusted capitalisation, which, as measured by Best’s Capital Adequacy Ratio (BCAR), is at the strongest level. Prospectively,
SFME has a track record of adequate operating performance over the past five years, as evidenced by an average return on equity of 9.7% (2013-2017) and underpinned by strong technical results. Given the small size of the company and the large risks underwritten, combined ratios have exhibited a level of volatility and ranged between 51% and 95% over the same period. Net investment yields have remained between 1% and 2% consistently, reflecting a low risk investment portfolio that is focused on cash and short term deposits.
SFMI’s ERM framework is well-developed and its risk management capabilities are viewed to be aligned appropriately with its risk profile. The company also benefits from the strength of risk management at SFMI and oversight from the group.
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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