AM Best confirms Singapore Re ratings

AM Best has affirmed the financial strength rating of A- (excellent) and the issuer credit rating of...

AM Best has affirmed the financial strength rating of A- (excellent) and the issuer credit rating of "a-" (ICR) of Singapore Reinsurance. The outlook on both ratings is stable.

The ratings agency said that the ratings reflect the company's well-established local presence, prudent capitalisation and consistent investment performance with a high liquidity portfolio.

Singapore Re is the largest player in the reinsurance market in Singapore, with 21% of the market share in terms of net premiums written as of the fiscal year end of 2003.

The Best's Capital Adequacy Ratio, which measures capitalisation on a risk-adjusted basis, demonstrated that the company maintained a solid capital position, with a low net premium leverage ratio of 0.42 times in the 2003 fiscal year. The local solvency ratio for the 2003 fiscal year improved to 308% from 286% in 2002.

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