HONG KONG, April 3 (Bernama)-- A.M. Best has revised the outlook to negative from stable and affirmed the financial strength rating of B++ (Good) and the issuer credit rating of "bbb" of National Reinsurance Corporation of the Philippines (PhilNaRe) (Philippines).
The revised outlook follows PhilNaRe's continued unsatisfactory underwriting performance in recent years. PhilNaRe's underwriting performance has been volatile and remained unsatisfactory in recent years. The poor combined ratio was driven by the losses from domestic cedents and several catastrophe losses, including Typhoon Haiyan in 2013.
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