KUALA LUMPUR, Feb 24 — AM Best has affirmed the Financial Strength Rating of A- (excellent) and the Long-Term Issuer Credit Rating of ‘a-’ of Guild Insurance Limited (GIL) Australia.
According to a statement by the global credit rating agency, the outlook of these ratings is stable.
These ratings reflect GIL’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
GIL’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which AM Best expects to remain at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio.
AM Best also views GIL as having a prudent approach to reserving, maintaining a buffer in its reserves notably above the regulatory imposed minimums.
Prospectively, AM Best expects an adequate level of operating performance to be maintained and underpinned by continued good loss experience, supported by expense efficiencies achieved in the coming years.
AM Best views GIL’s business profile as neutral. While the company is considered a small insurer in Australia’s non-life sector with a total gross written premium of AUD 195 million and an overall market share below one per cent in fiscal-year 2019, GIL is a leading provider of insurance protection to allied health professional associations. (AUD 1 = RM2.78)
— BERNAMA
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