AM Best has upgraded MS Amlin AG (Switzerland)’s Long Term Issuer Credit Rating (Long Term ICR) from “aa-” (Excellent) to “aa” (Excellent) and affirmed its Financial Strength Rating (FSR) at A+ (Excellent).
The company is a subsidiary of Mitsui Sumitomo Insurance Company (MSI).
MS Re has expanded in recent years and now holds a significant share of the international premiums and profits of MS&AD Insurance Group Holdings and MSI. The company, which has operating centers in Zurich, Bermuda and the United States, is a key reinsurance platform in MS&AD’s strategy to increase its international market exposure and geographically diversify its premium and income base.
The outlook for the long-term ICR has been revised to stable from positive, while the outlook for the FSR is stable.
AM Best said the ratings reflect MSI’s assessment of its strongest comprehensive balance sheet strength, as well as strong operating performance, sound business profile and appropriate enterprise risk management.
The long-term ICR upgrade reflects an overall rating upgrade for MS Reinsurance due to its increasing strategic and financial importance to parent MSI. According to AM Best, MSI’s ratings are being extended to MS Reinsurance given the implicit and explicit support provided by MS Reinsurance, including a full unconditional parent guarantee.
