MEXICO CITY - MAY 07, 2021 03:18 PM (EDT)
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of bbb of Reunion Re Compañia de Reaseguros S.A. (Reunion Re) (Argentina). The outlooks of these Credit Ratings (ratings) have been revised to negative from stable.
The ratings reflect Reunion Re s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The revision of the outlooks to negative from stable reflects pressure on Reunion Re s balance sheet driven by a more challenging macroeconomic environment in Argentina and volatility in reinsurance recoverables.
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" of Sura Re Ltd. (Sura Re) (Bermuda). The .
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AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of a of Energas Insurance (L) Limited (Energas) (Malaysia). The outlook of these Credit Ratings (ratings) is stable.
These ratings reflect Energas balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). In addition, the ratings factor a neutral impact from the company s 100% ownership and integration with Petroliam Nasional Berhad (Petronas).
The company s risk-adjusted capitalisation remains at strongest level, as measured by Best s Capital Adequacy Ratio (BCAR), supported by Energas low underwriting leverage, conservative investment strategy and strong liquidity. Investment assets consist of mainly cash and deposits held at well-established domestic financial institutions, and investment-grade debt securities. An offsetting factor is Ener
AM Best Downgrades Credit Ratings of Al-Sagr National Insurance Company P.S.C.
AM Best has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to bb+ from bbb- of Al-Sagr National Insurance Company P.S.C. (ASNIC) (United Arab Emirates). The outlook for each Credit Rating (rating) has been revised to stable from negative.
The ratings reflect ASNIC s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management.
The rating downgrades reflect a material deterioration in ASNIC s risk-adjusted capitalisation to the very strong level, as measured by Best s Capital Adequacy Ratio (BCAR), reflecting lower shareholders funds due to two consecutive years of accounting restatements.