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A.M. Best Affirms Ratings of NKSJ Holdings Subsidiaries
A.M. Best also has affirmed the FSR of A- (Excellent) and ICR of "a-" of NIPPONKOA Insurance Company (China) Limited (NIPPONKOA China) (China), said a statement issued today in Hong Kong by the world's oldest and most authoritative insurance rating and information source.
Additionally, A.M. Best has affirmed the FSR of A+ (Superior) and the ICRs of "aa-" of Sompo Japan Insurance Company of America (SJA) and its wholly owned, reinsured subsidiary, Sompo Japan Fire and Marine Insurance Company of America (SJFM), collectively known as Sompo Japan US Group (both domiciled in New York, NY). The outlook for all ratings is stable.
The ratings of Sompo Japan and NIPPONKOA reflected their robust risk-adjusted capitalization and strong market profile, the statement said.
Sompo Japan and NIPPONKOA, the core subsidiaries of NKSJ Holdings Inc., started the integration process of their operations in 2014 with an announced plan that the two companies will be merged into Sompo Japan Nipponkoa Insurance Inc. (Sompo Japan Nipponkoa) in September 2014.
The integrated entity is expected to be ranked as the largest non-life insurer in Japan in terms of premiums written. Sompo Japan Nipponkoa is also expected to benefit from the recent acquisition of Canopius Group Limited, which enhanced its business profile in overseas markets and further diversified operations.
The statement said Sompo Japan and NIPPONKOA reported improvement in their risk-adjusted capitalization year over year due to the increase in available capital, mainly driven by favorable equity market conditions and adjustment of the reinsurance protection.
Sompo Japan and NIPPONKOA are well positioned at the current rating levels. The ratings affirmation of NIPPONKOA China reflect its solid risk-adjusted capitalization, conservative and profitable investment portfolio, strong liquidity and continued parental support in terms of operations, reinsurance and brand recognition.
The ratings of SJA and SJFM are based on Sompo Japan US Group's role and strategic importance to Sompo Japan, and the explicit support provided by Sompo Japan in the form of quota share reinsurance. The ratings also reflect the implied support to be provided by Sompo Japan in the future in order to support the group s operations in the United States.
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