AM Best Affirms ‘A-’ Ratings of ACR Companies

2nd September 2019

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Singapore, 2 September 2019 – Rating agency, AM Best, has affirmed the ‘A-’ ratings of Asia Capital Reinsurance Group (“Asia Capital Re”) and subsidiary Asia Capital Reinsurance Malaysia (“ACRM”).

In affirming Asia Capital Re’s financial strength, AM Best noted that the Singapore-based reinsurer’s risk-adjusted capitalisation, as measured by its proprietary capital adequacy ratio, BCAR, is “comfortably at the strongest level”. Its list of the reinsurer’s favourable factors include “conservative capital management approach”, “low premium leverage”, “good quality retrocession panel”, “conservative investment portfolio” and “robust approach to asset liability management”.

AM Best also acknowledged the continued improvement in Asia Capital Re’s loss ratio (excluding catastrophe losses) and expense ratio despite the large loss events of 2018, widely regarded as the industry’s fourth costliest year for cat activity. In its news release dated 29 August 2019, AM Best credited the positive trend to Asia Capital Re management’s implementation in recent years of “more prudent underwriting and expense controls”.    

In maintaining its negative outlook on Asia Capital Re and ACRM, AM Best noted the persisting “competitive operating environment in many global reinsurance markets”.

Looking ahead, the rating agency expects that Asia Capital Re will continue to execute on its comprehensive turnaround strategy, which the reinsurer is confident will reshape its business to better meet the evolving needs of its clients and broker-partners.

Asia Capital Re’s financial strength rating has also been affirmed by S&P on 16 August 2019 at ‘A-’ (Stable).

About Asia Capital Reinsurance Group Pte. Ltd.

Asia Capital Reinsurance Group Pte. Ltd. (“Asia Capital Re”) is a reinsurance solutions provider for large and specialist risks. Headquartered in Singapore, Asia Capital Re has strategic offices in select cities across Asia, including in Hong Kong, Taiwan, Japan, Korea, India, Malaysia and Vietnam.

Asia Capital Re is a wholly owned subsidiary of ACR Capital Holdings Pte. Ltd., a risk solutions provider that has ranked among A.M.Best’s top 50 global reinsurance groups since 2009.   

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