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 Asian Reinsurance Corp (Asian Re) Thailand.
"The outlook of these credit ratings is stable,? A.M. Best said in a statement. "The ratings reflect Asian Re's balance sheet strength, which A.M. Best categorised as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. "Asian Re's balance sheet strength reflects solid risk-adjusted capitalisation supported by low underwriting leverage and an investment portfolio consisting of cash and deposits," the statement added. In terms of operating performance, the insurance company experienced deterioration in underwriting results this year, partially due to reserve developments, but a steady stream of interest income has mitigated the impact of this deterioration. Overall, Asian Re's capital and surplus has remained fairly stable. A.M. Best is the world's oldest and most authoritative insurance rating and information source.
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