KUALA LUMPUR, Oct 17 -- AM Best has affirmed the Financial Strength Rating of A- (excellent) and the Long-Term Issuer Credit Rating of ‘a-’ of Marble Reinsurance Corporation (Marble Re) Micronesia.
The stable outlook of these credit ratings reflects Marble Re’s balance sheet strength, which AM Best categorised as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
It also reflects AM Best’s expectation that Marble Re’s operating performance will remain at a strong level, underpinned mainly by favourable claims experience and an expense ratio that should remain stable over time.
Marble Re’s balance sheet assessment is underpinned by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio and it is expected to remain stable, supported by low underwriting leverage and a conservative investment portfolio.
Marble Re’s favourable operating results are demonstrated by a five-year average return on equity of approximately 15 per cent, driven primarily by its good underwriting results, with a five-year average combined ratio of under 60 per cent (2014 to 2018).
The company’s business profile is assessed as neutral; its underwriting portfolio is composed mainly of marine cargo and hull business from affiliated and related companies within the Marubeni Group, one of the largest trading companies in Japan.
AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry. More information at www.ambest.com.
-- BERNAMA
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