A.M. Best Affirms Credit Ratings of The Toa Reinsurance Company, Limited and The Toa Reinsurance Company of America
The ratings reflect Toa Re’s balance sheet strength, which
Toa Re maintains the strongest level of risk-adjusted capitalization, owing to conservative risk management in its underwriting and investment strategies. Over the past five years, the company has worked to improve its capitalization by improving profitability and stabilizing results, which allowed the company to redeem
The company has tightened controls in its catastrophe risk exposure and diversified its underwriting risks by expanding in the life and health reinsurance segments and in overseas markets. Approximately one-fifth of the book, in terms of net premium written, is generated by overseas subsidiaries. In regards to operating performance, despite a series of catastrophe events in
Offsetting rating factors include weak growth in Japan’s insurance market and abundant capacity in the global reinsurance market, which will pressure the company’s growth and profitability.
The ratings of
Negative rating actions could occur if there is substantial decline in risk-adjusted capitalization resulting from significant underwriting losses or adverse movements in the financial markets.
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
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