A.M. Best Assigns Credit Ratings to Ascot Reinsurance Company Limited
By a
The ratings reflect the company's balance sheet strength, which is assessed as very strong by
Ascot Re received its Class 3B insurance licence in
Based on business plans shared with
Ascot Re's business mix is expected to be similar to that of Syndicate 1414, dominated by property and reinsurance and characterised by a significant concentration in
The company's operating performance is assessed as adequate based on expected results. Final performance will be subject to the amount of non-affiliated business Ascot Re writes. The part of the book that constitutes intragroup business will mirror Syndicate 1414's performance. Syndicate 1414 has a strong track record of profitability, outperforming the Lloyd's market in 14 out of the past 15 years (2002-2016, as measured by combined ratios), although this positive gap has shrunk in recent years. Due to projected exposure to catastrophic events,
Ascot Re's ERM is assessed as appropriate, based on the company's projected size and risk profile.
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