KUALA LUMPUR, Dec 19 -- AM Best has affirmed the Financial Strength Rating of A- (excellent) and the Long-Term Issuer Credit Rating of ‘a-’ of Peak Reinsurance Company Limited (Peak Re) Hong Kong and its subsidiary, Peak Reinsurance AG (Switzerland).
In a statement, AM Best said the outlook of these credit ratings was stable. The ratings reflect Peak Re’s balance sheet strength, which AM Best categorised as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. Peak Re continues to maintain robust risk-adjusted capitalisation, underpinned by a strengthening trend in its capital and surplus, driven by capital injections from shareholders and full earnings retention over the past five years. Other factors supporting the company’s balance sheet strength include the controlled level of net underwriting leverage and an improvement in its overall investment risk profile, as well as strong liquidity. The company continues to operate with efficiency, as reflected in its stable and lower-than-average management expense ratio. Investment results have been favourable over the past five years, supported by a growing stream of interest and dividend income from debt and listed equity investments. Peak Re’s business portfolio is diversified by product lines and geographies, with Asia-Pacific accounting for approximately 60 per cent of the company’s premium revenue. While the business portfolio is primarily made up of non-life risks, the company plans to expand its life and health business further, particularly in the area of medical reimbursement. -- BERNAMA
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