KUALA LUMPUR, Aug 19 (Bernama) -- AM Best has affirmed Sompo Japan Nipponkoa Insurance Inc’s (SJNK) financial strength rating (FSR) at A+ (superior) and long-term issuer credit rating (Long-Term ICR) at ‘aa-’, with a stable outlook.
In a statement today, the global rating agency said SJNK’s ratings reflected its strong balance sheet as well as its strong operating performance, favourable business profile and appropriate enterprise risk management.
The company’s balance sheet strength was supported by its risk-adjusted capitalisation, assessed to be at the strongest level, as measured by AM Best’s Capital Adequacy Ratio.
The company’s financial ratios remained conservative, with adjusted debt leverage ratios generally under 25 per cent, albeit slightly higher than some of its peers.
Meanwhile, AM Best has also affirmed the FSR at A+ (superior) and the Long-Term ICR at ‘aa-’ of the operating subsidiaries of Sompo International Holdings Ltd (SIH) Pembroke, Bermuda.
The rating agency also affirmed SIH’s subsidiaries’ FSR at A+ (superior) and the Long-Term ICRs at ‘aa-’ with a stable outlook.
The list of subsidiaries includes Endurance Specialty Insurance Ltd, Endurance Assurance Corp, Endurance Worldwide Insurance Ltd and Endurance American Specialty Insurance Co.
-- BERNAMA
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