BREAKING NEWS   Banjir di Johor : Tangkak daerah kelapan dilanda banjir, mangsa seluruh negeri meningkat 4,868 orang setakat 8 pagi - JPBN | 
BUSINESS

Bermuda's Evergreen Insurance credit ratings affirmed -- AM Best

10/11/2022 02:25 PM

KUALA LUMPUR, Nov 10 (Bernama) -- Global credit rating agency AM Best has affirmed the financial strength rating of “A” (Excellent) and the long-term issuer credit rating of “a” (Excellent) of Bermuda’s Evergreen Insurance Company Ltd (EICL).

In a statement, AM Best said the outlook of these ratings is stable, reflecting EICL’s balance sheet strength, assessed as very strong by AM Best, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

The company’s risk-adjusted capitalisation remained at the strongest level as measured by Best’s Capital Adequacy Ratio, and is underpinned by low net underwriting leverage, a highly conservative and liquid investment portfolio, and comprehensive reinsurance arrangements.

“EICL has demonstrated a track record of strong underwriting and operating performance, due to its group-related business.

“In view of its high severity, low-frequency risk profile that involves mainly marine and aviation business, the company ceded over half of its premiums to a panel of financially sound reinsurers and maintained a low retention ratio,” AM Best said.

The company’s net claims experience has been highly favourable over the past few years, while gross losses fluctuated due to a few major loss events in marine and aviation hulls.

In 2021, EICL faced investment headwinds from its cash and deposit-only investment portfolio.

Moving forward, AM Best expects that underwriting results, in particular for its marine business, will continue to be the main driver of its bottom-line results.

As a pure captive of Evergreen Group, EICL’s underwriting book primarily consists of marine, aviation and property risks related to the group’s operations.

-- BERNAMA


BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on the Astro 502, unifi TV 631 and MYTV 121 IFLIX channels and BERNAMA Radio on the FM93.9 (Klang Valley), FM107.5 (Johor), FM107.9 (Kota Kinabalu) and RM100.9 (Kuching) frequencies.

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2023 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy