AM Best assigns credit ratings to MS Amlin Insurance SE



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AMSTERDAM – (BUSINESS WIRE) –
AM Best assigned a financial strength rating of A (excellent) and a long-term issuer credit rating of “a” (excellent) to MS Amlin Insurance SE (MS AISE) (Belgium). The outlook assigned to these credit ratings (ratings) is stable.

The ratings reflect the strength of MS AISE’s balance sheet, which AM Best considers to be very strong, as well as its adequate operational performance, neutral business profile and appropriate management of corporate risks. In addition, MS AISE’s ratings benefit from an improvement thanks to the support of its ultimate parent company, MS&AD Insurance Group Holdings, Inc. (MS&AD).

MS AISE’s risk-adjusted capitalization at the end of 2020, as measured by Best’s capital adequacy ratio (BCAR), supported a very strong assessment of balance sheet strength. AM Best expects the company’s risk-adjusted capitalization to remain at least at a very strong level, supported by improved earnings generation, following a number of corrective actions taken over the course of the year. in recent years. The assessment of balance sheet strength also takes into account the company’s prudent investment risk exposure and its strong liquidity profile. A partially compensating rating factor is MS AISE’s moderate reliance on reinsurance. However, the associated credit risk is mitigated by the use of a financially strong and diversified reinsurance panel.

The company has a modest earnings history, reflected in a five-year weighted average combined ratio of 102% (2016-2020), as calculated by AM Best. However, MS AISE has implemented a number of corrective actions, which have led to improved performance metrics over the past few years. In 2020, MS AISE recorded a combined ratio of 98%, despite the impact of losses from COVID-19. A good technical result was also achieved in the half of 2021, illustrated by a combined ratio of 95%.

MS AISE is a specialized mid-level commercial transporter with a gross written premium of 855 million euros in 2020, covering a diversified portfolio of P&C and maritime activities. The company has a recognized brand and a market position supported by its association with MS&AD. The transporter also benefits from good market expertise and strong positions in a number of niche markets.

MS AISE ratings also reflect the company’s strategic importance to MS&AD as a group vehicle for underwriting core business in Continental Europe.

This press release relates to credit ratings published on the AM Best website. For all rating information relating to the publication and relevant disclosures, including details of the office responsible for the publication of each of the individual ratings referenced in this publication, please see AM Best Recent rating activity Web page. For more information regarding the use and limitations of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s credit scores, Best’s preliminary credit reports, and AM Best’s press releases, please see Guide to Proper Use of Best Ratings and Reviews.

AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. Based in the United States, the company operates in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information visit www.ambest.com.

Copyright © 2021 by AM Best Rating Services, Inc. and / or its affiliates. ALL RIGHTS RESERVED.

Constantin langowski

Senior Financial Analyst

+31 20 308 5431

[email protected]

Christophe sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

[email protected]

Dr Mathilde Jakobsen

Director, Analytics

+31 20 308 5427

[email protected]

Jim peavy

Director, Communications

+1 908 439 2200, ext. 5644

[email protected]

Source: AM Best


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