A.M. Best Assigns Credit Ratings to Colonnade Insurance S.A.; Assigns Indicative Issue Credit Ratings to Fairfax Financial Holdings Limited
The ratings of Colonnade reflect the overall strength of its balance sheet, supported by its ultimate parent Fairfax, favorable loss performance, the expected improvement in overall operating performance and adequate business profile. Colonnade benefits from explicit and implicit support provided by its ultimate parent, Fairfax, including a legally binding guarantee, track record of capital support, technical reserving support, investment management services and enterprise risk management (ERM) expertise. Key offsetting rating factors are Colonnade’s current operating performance, which is reflective of its elevated expense ratio, and marginal ERM.
Colonnade’s adequate balance sheet strength is supported by its strong risk-adjusted capitalization.
Colonnade’s adequate operating performance is driven by its favorable loss performance, which is offset by the initial costs incurred in its developmental stage with expenses outpacing premium by a sizable margin. The company’s adequate business profile reflects its concentration in the Central and Eastern European region, with the two largest countries (the
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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