KUALA LUMPUR, Dec 18 -- AM Best has affirmed the Financial Strength Rating of A- (excellent) and the Long-Term Issuer Credit Rating of ‘a-’ of NEWGT Reinsurance Company Ltd (NEWGT) Bermuda.
According to a statement, the outlook of these credit ratings is stable.
The ratings reflect NEWGT’s balance sheet strength, which AM Best described as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The company’s strong balance sheet assessment reflects its modest capital base, low underwriting leverage and conservative investment portfolio.
Operating performance continued to improve this year with a lower combined ratio, underpinned by an improvement in claims experience and a stable expense ratio.
Although revenue is expected to decrease slightly in the short term over the course of its portfolio enhancement, AM Best believes the company’s underwriting results will remain profitable and gradually improve through the pursuit of growth in group-related business.
The stable outlooks reflect AM Best’s expectation that NEWGT’s operating performance will improve gradually and remain profitable despite its strong loss ratio controls and continuous portfolio enhancement.
-- BERNAMA
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