A.M. Best Co. has affirmed the Best’s Syndicate Rating of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 1225 (United Kingdom), which is managed by
AEGIS Managing Agency Ltd (AEGIS UK). The outlook for both ratings is stable. “The ratings of syndicate 1225 primarily reflect the financial strength of Lloyd’s of London,” Best noted. The syndicate also benefits from its association with its parent company, Associated Electric and Gas Insurance Services Ltd (AEGIS Bermuda), which provides the syndicate’s funds at Lloyd’s via its corporate member. Syndicate 1225 has a relatively concentrated underwriting portfolio focused on utility and energy business.”
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’- (Excellent) and assigned an issuer credit rating (ICR) of “a-” to Trinidad’s Gulf Insurance Limited. The outlook for both rating is stable. “The ratings reflect Gulf’s historically profitable operating performance, adequate capitalization and strategic geographic spread of risk. Gulf is a multi-line property/casualty insurer operating in several Caribbean markets with its main operating presence in Trinidad and Tobago, St. Maarten and the British Virgin Islands. Gulf has historically reported consistent operating profits as a result of disciplined underwriting and conservative risk management and pricing strategies.”
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit rating (ICR) of “a-“of Cayman Islands-based Eastern Re Ltd. S.P.C. The outlook for both ratings is stable. “The ratings recognize Eastern Re’s strategic affiliation with Eastern Alliance Insurance Group (EAIG) of Lancaster, PA, its consistently profitable operating results as well as its sound stand-alone capitalization,” Best explained. “These positive rating factors are partially offset by Eastern Re’s exclusive reliance on EAIG for production of all of its business as well as the mono-line orientation of Eastern Re, which primarily acts as a workers’ compensation reinsurer.”
A.M. Best Co. has affirmed the financial strength rating of ‘B++’ (Good) and issuer credit rating of “bbb” of Morocco’s Société Centrale de Réassurance (SCR) with stable outlooks. “The ratings reflect SCR’s excellent business position and adequate risk-adjusted capitalization,” said Best. An offsetting factor is its volatile underwriting results. Best also said that it believes that” SCR’s business position as Morocco’s national reinsurer remains excellent. This is despite the progressive phasing out of SCR’s compulsory cession following the signing of a free trade agreement, which is likely to result in a 10 percent premiums decrease to MAD 2.44 billion ($338 million) in 2008.”
A.M. Best Co. has assigned the financial strength rating of ‘C++’ (Marginal) and an issuer credit rating (ICR) of “b+” to B&B Insurance Co., OJSI of Belarus with stable outlooks. “The ratings reflect the company’s insufficient level of financial strength to support the business according to A.M. Best’s risk-based capital model, partially mitigated by its established position as the largest private insurer in a small but developing Belarusian insurance market, with moderate financial performance,” Best explained. It has become the largest private insurer in the country with a 9 percent share of the local non-life market, which is dominated by government owned insurance companies.
A.M. Best Co. has downgraded the financial strength rating to ‘B+’ (Good) from ‘B++’ (Good) and issuer credit rating to “bbb-” from “bbb+” of Bermuda’s Commercial & Manufacturers Insurance Limited (CMI), formerly known as Casting Manufacturers Insurance Limited. Best has also revised the ratings outlook to negative from stable. “These rating actions reflect CMI’s volatile operating performance and the gradual decline in its balance sheet strength and market profile,” Best explained. The rating agency is also concerned with the amount of time CMI has needed to generate audited financial statements, but acknowledged “CMI’s low underwriting leverage, conservative operating strategy and strong liquidity.”
A.M. Best Co. has affirmed the financial strength rating of ‘A’- (Excellent) and the issuer credit rating of “a-” of Australia’s Guild Insurance Limited (GIL) with stable outlooks. “The ratings reflect GIL’s improved risk-adjusted capitalization and consistent operating profitability,” Best noted. “The ratings also recognize the company’s dominance in the health care and child care sectors. Despite the continued downward pressure on premium rates, GIL’s net income after tax increased to A$24 million (US$20.4 million) in fiscal year 2007 from A$22.7 million (US$ 17.5 million) in fiscal year 2006, translating to an increase of 6 percent. Deterioration in the company’s loss ratio was offset by improvements in the expense ratio, leaving GIL’s combined ratio virtually unchanged over the fiscal year.”
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