A.M. Best Assigns Credit Ratings to GreenStars BNP Paribas, S.A.
GreenStars is an insurance entity of
The ratings reflect GreenStars’ excellent risk-adjusted capitalisation and its track record of strong operating performance, as well as its integration in BNP Paribas’ operations.
The company’s excellent risk-adjusted capitalisation is underpinned by low underwriting leverage. Furthermore, GreenStars has demonstrated good internal capital generation, with the retention of all profits since its incorporation in 2009. A partially offsetting factor is the company’s reliance on reinsurance; however, this is mitigated as GreenStars places its reinsurance cover with an appropriately diversified panel of financially strong reinsurers.
GreenStars has consistently generated strong operating results, as demonstrated by an average five-year return on capital of approximately 17% (2012-2016). The company’s strong operating performance is driven by excellent underwriting results and is supported by positive, albeit modest, investment income. Although GreenStars’ underwriting income is exposed to potential volatility, due to the company’s exposure to relatively large losses and the impact of fluctuations in reinsurance market conditions, over the longer term,
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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