SINGAPORE, Nov 2 (Bernama-BUSINESS WIRE) -- A.M. Best has upgraded the issuer credit rating (ICR) to “bb+” from “bb” and affirmed the financial strength rating (FSR) of B (Fair) of Asian Reinsurance Corporation (Asian Re) (Thailand). The outlook for the FSR has been revised to positive from stable while the outlook for the ICR remains positive.
The ICR upgrade recognizes the continued initiatives to strengthen Asian Re’s capital, which have restored the company’s capital position and significantly reduced the risk of adverse development from outstanding Thai flood claims. Asian Re’s event retentions are small relative to its strengthened capital base and its risk-adjusted capitalization is well supportive of its ratings.
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