AM Best Affirms Credit Ratings of Suez Canal Insurance
AM Best has affirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of “bb-” (Fair) of
The ratings reflect SCI’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM).
SCI’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR), for the fiscal year-end
AM Best assesses SCI’s operating performance as adequate reflecting the company’s solid overall earnings over recent years, as demonstrated by a five-year (FY 2017 - FY 2021) weighted average return on equity (ROE) of 15.4%. Whilst the company’s ROEs have been good, they should be viewed in the context of the relatively high interest rate environment in
The business profile assessment reflects SCI’s position as a mid-tier insurer in
The company historically operated basic risk management practices; however, in recent years, SCI has undertaken steps to establish and formalise an enterprise-wide, risk-aware culture. AM Best expects that further improvements in SCI’s ERM framework and practices, if implemented successfully, will allow the company to manage its risks reliably.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in
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Jessica Botelho-Young, CA
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Managing Director,
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Source: AM Best
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