//BestWire// – AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) 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) (New York, NY) and Starr Insurance & Reinsurance Limited (SIRL) (Bermuda), collectively referred to as Starr. (See below for a detailed list of the companies and ratings.)
The ratings of SIG’s members reflect their balance sheet strength, which AM Best assesses as strongest, as well as their adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).
The ratings of SIRL and its members reflect their balance sheet strength, which AM Best assesses as strongest, as well as their adequate operating performance, favorable business profile and appropriate ERM.
The outlook revision to positive reflects the improved underwriting and operating trends for all of SICO’s subsidiaries. Starr has significantly reduced net underwriting expenses and stabilized underwriting results, which have improved from prior years. Additionally, the group is in the process of acquiring IQUW group to expand its product offerings in the London and international markets. IQUW has been a strong performer in the past, which is expected to aid Starr in future rating cycles, as synergies (or diversification) and scale are recognized within the greater group.
The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed, with the outlooks revised to positive from stable for the following members of SIG:
· Starr Indemnity & Liability Company
· Starr Surplus Lines Insurance Company
· Starr Specialty Insurance Company
The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed, with the outlooks revised to positive from stable for the following members of SIRL:
· Starr Property & Casualty Insurance (China) Company, Limited
· Starr International Insurance (Asia) Limited
· Starr International Insurance (Singapore) Pte. Ltd
· Starr International (Europe) Limited
· Starr International Insurance (Switzerland) AG
· Starr Europe Insurance Limited
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 (BCR), Best’s Performance Assessments (PA), Best’s Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
