KUALA LUMPUR, Sept 3 (Bernama) -- A.M. Best has assigned a financial strength rating (FSR) of A (excellent) and a long-term issuer credit rating (Long-Term ICR) of ‘a+’ to The Toa 21st Century Reinsurance Company Ltd (TTFC) Switzerland.
A.M. Best said in a statement the outlook assigned to these ratings is stable.
Concurrently, A.M. Best has also affirmed the FSR of A (excellent) and the Long-Term ICRs of ‘a+’ of The Toa Reinsurance Company Limited (Toa Re) Japan and The Toa Reinsurance Company of America (TRA), based in Morristown, New Jersey. The outlook of these ratings is also stable.
TTFC is a newly added member of Toa Re, of which TRA is the other member.
TTFC has been a wholly owned reinsurance subsidiary of Toa Re since 2002 that mainly assumed captive business from its parent. In May 2018, Toa Re announced that TTFC will underwrite third-party business under the brand name of Toa Re Europe.
The ratings of Toa Re reflect the company’s consolidated balance sheet strength, which A.M. Best categorised as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Toa Re’s balance sheet strength is assessed at the strongest level, owing to its conservative risk management in its underwriting and investment strategies. The company’s risk-adjusted capitalization has improved significantly in the past five years from stable and positive operating results.
Despite a series of catastrophe events in North America, the company maintained profitable underwriting results in fiscal year 2017.
A.M. Best views Toa Re as strongly committed to TTFC’s development and long-term success and will provide necessary financial support if needed. More details on www.ambest.com
-- BERNAMA
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