KUALA LUMPUR, March 30 (Bernama) -- A.M. Best has affirmed the financial strength rating of B++ (good) and the long-term issuer credit rating of 'bbb' of Pacific International Insurance Pty Limited (Pacific) Australia, a small, niche insurer that underwrites insurance products.
The outlook of these credit ratings is stable, a statement said.
The ratings reflect Pacific's balance sheet strength, which A.M. Best categorised as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Pacific's strong balance sheet assessment is due in part to its low underwriting leverage and conservative investment portfolio.
Despite soft commercial pricing conditions in recent years, Pacific has generated operating profits over the past five years, driven mainly by the favorable claims experience of its product offerings and a steady stream of interest income.
A.M. Best expects that Pacific will maintain positive operating results, supported by stable revenue growth, low claims ratios and an expense ratio that is expected to decline gradually over time.
A.M. Best is the world's oldest and most authoritative insurance rating and information source.
-- BERNAMA
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