AM Best Affirms Credit Ratings of Sura Re Ltd.
The ratings reflect Sura Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
Sura Re is the wholly owned startup captive reinsurer of
AM Best categorizes the company’s balance sheet strength as very strong, as risk-adjusted capitalization is more than adequate for the risks it holds. During 2020, capital requirements reflected higher premium risk as the company retained a higher portion of risks; going forward, AM Best expects capital requirements to be stable without dividend payments in the medium term. Asset-liability management follows a very conservative investment policy focused on maintaining liquidity to cover its obligations in terms of tenure and currencies. Additionally, AM Best considers the company’s ERM practices as appropriate given the complete support by Sura’s expertise and management team.
As of
Negative rating actions could take place if the company fails to meet its financial performance objectives at a level that impacts capital, and therefore, its risk-adjusted capitalization, either by business decisions, importance to its financial group or deteriorating macroeconomic conditions. Positive rating actions could take place in the medium term if Sura Re is able to deploy its capital profitably through its net results while strengthening its capital position.
AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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Source: AM Best
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