Evergreen Insurance Company Limited Credit Ratings affirmed - AM Best

KUALA LUMPUR, Nov 13 -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of ‘a’ of Evergreen Insurance Company Limited (EICL) Bermuda. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect EICL’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management, according to a statement.

EICL’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), remained at the strongest level, which is underpinned by low net underwriting leverage, a highly conservative investment portfolio and prudent reinsurance arrangements.

The change in balance sheet strength assessment to very strong from strong reflects the company’s consistent trend in maintaining a robust level of BCAR with low volatility under standard and stress scenarios.

Going forward, AM Best expects the company to maintain an abundant buffer in its risk-adjusted capitalisation to support its risk profile.

Equipped with strong underwriting knowledge and high visibility of group-related business trends, AM Best expects the marine business to be the key driver of EICL’s operating profit going forward.

For details, visit www.ambest.com.

-- BERNAMA