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FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 11, 2020 11:13 AM (EST)
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of the insurance subsidiaries of Starr International Company, Inc. (SICO) (Switzerland), a private investment holding company. These Credit Rating (rating) actions apply to the members of Starr International Group (SIG) and Starr Insurance & Reinsurance Limited (SIRL) (Bermuda). The outlook of these ratings is stable.
The ratings of the members of SIG reflect their balance sheet strength, which AM Best categorizes as strongest, as well as their marginal operating performance, favorable business profile and appropriate enterprise risk management (ERM). Members of the SIG include Starr Indemnity & Liability Company, Starr Surplus Lines Insurance Company and Starr Specialty Insurance Company. All companies are domiciled in Dallas, TX.
The ratings of SIRL and its members reflect their balance sheet strength, which AM Best categorizes as strongest, as well as their marginal operating performance, favorable business profile and appropriate ERM. Members of SIRL include Starr Property & Casualty Insurance (China) Company, Limited; Starr International Insurance (Asia) Limited (Hong Kong); Starr International Insurance (Singapore) Pte. Ltd; Starr International (Europe) Limited (United Kingdom); and Starr Europe Insurance Limited (Malta).
The operations of SIG and SIRL support a business profile that is well-diversified internationally and by product exposures. The groups continue to report strong growth trends in their key markets; however, underwriting results have been impacted historically by adverse loss reserve development. AM Best notes that underwriting trends have improved in recent periods, but continue to lag composite peers. The groups have sustained the strongest levels of capitalization on a consolidated and per-entity basis, which is supported further by favorable liquidity metrics. AM Best also notes that the groups maintain above-average allocations to alternative asset classes, relative to composite peers, including private equity and debt funds, hedge funds and real estate funds, which are managed by affiliated investment management companies.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.