AM Best Affirms Credit Ratings of MS Amlin Insurance SE

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of MS Amlin Insurance SE (MS AISE) (Belgium). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect MS AISE’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. In addition, MS AISE’s ratings benefit from lift due to the support of its ultimate parent, MS&AD Insurance Group Holdings, Inc. (MS&AD).

AM Best expects MS AISE’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), to remain at least at the very strong level. The balance sheet strength assessment also factors in the company’s conservative investment risk exposure and strong liquidity profile. A partly offsetting rating factor is MS AISE’s moderate dependence on reinsurance. However, the associated credit risk is mitigated by the use of a financially strong and diverse reinsurance panel.

The company has achieved a robust underwriting performance over the four past years (2019-2022), following corrective actions. In 2022, MS AISE recorded a combined ratio of 97.1% (2021: 94.9%), as calculated by AM Best, supported by disciplined underwriting and rate increases. For the first half of 2023, MS AISE recorded a combined ratio of 94.9% (based on company’s internal IFRS 4 accounting), in line with its guidance target.

MS AISE is a mid-tier commercial specialty carrier with gross written premium of EUR 983 million in 2022 (EUR 869 million in 2021), covering a diversified book of property/casualty and marine businesses. The company has a recognised brand and a market position that is supported by its association with MS&AD. The carrier also benefits from good market expertise and a strong position in a number of niche markets.

MS AISE’s ratings also consider its strategic importance to MS&AD as the group’s vehicle to write primary business in continental Europe.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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