A.M. Best Assigns Credit Ratings to Russian Reinsurance Company JSC
The ratings reflect Russian Re’s balance sheet strength, which
The company’s balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), and good quality retrocession panel. Offsetting these positive rating factors is the relatively low liquidity of Russian Re’s investment portfolio, with over a third of invested assets held in real estate. Additionally, the company reported adverse reserve development in the past, prior to implementing a revised reserving approach from 2015, which incorporates a more appropriate classification of risks.
Russian Re’s operating performance is marginal, with the company reporting a five-year weighted average combined ratio of 106.2% and return on equity of 5.1% (2013-2017). Technical losses were reported in the four years prior to 2016, due to a combination of factors, including poor underwriting experience in the
A.M. Best’s assessment of Russian Re’s business profile as limited stems from its relatively small size, with gross written premiums (GWP) of approximately
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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