A.M. Best Assigns Issuer Credit Rating to ACR Capital Holdings Pte, Ltd.; Affirms Ratings of Its Associated Companies
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OLDWICK, N.J.--(Business Wire)-- A.M. Best Co. has affirmed the financial strength ratings of A- (Excellent) and the issuer credit ratings (ICR) of "a-" of Asia Capital Reinsurance Group Pte. Ltd. (ACR) (Singapore), ACR ReTakaful SEA Berhad (ACR ReTakaful SEA) (Malaysia) and ACR ReTakaful MEA B.S.C. (c) (ACR ReTakaful MEA) (Bahrain). A.M. Best also has affirmed the ICR of "bbb-" of ACR ReTakaful Holdings Limited (United Arab Emirates). The outlook for these ratings is stable. Concurrently, A.M. Best has assigned an ICR of "bbb-" to ACR Capital Holdings Pte, Ltd. (Singapore). The outlook assigned to this rating is stable. These rating actions reflect ACR, ACR ReTakaful SEA and ACR ReTakaful MEA`s solid capitalization and strong risk management capabilities. A.M. Best also acknowledges ACR`s prudent reserving practice. As demonstrated by Best`s Capital Adequacy Ratio, ACR, ACR ReTakaful SEA and ACR ReTakaful MEA`s risk-adjusted capitalization levels are adequate to support their forecasted premium growth. ACR recorded a relatively high combined ratio driven by volatility in a growing book of business for a young company. If this trend continues, it could slow down the surplus growth and exert pressure on the company`s risk-adjusted capitalization. Given the start-up status of ACR ReTakaful MEA and ACR ReTakaful SEA, the underwriting performance of these two companies remains to be seen. A.M. Best will closely monitor ACR, ACR ReTakaful SEA and ACR ReTakaful MEA`s overall profitability trends in the coming years. For Best`s Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. A.M. Best Co. Analysts: Billy Kwan, +852-2827-3405 billy.kwan@ambest.com or Moungmo Lee, +852-2827-3402 moungmo.lee@ambest.com or Public Relations: Jim Peavy, +1-908-439-2200, ext. 5644 james.peavy@ambest.com or Rachelle Morrow, +1-908-439-2200, ext. 5378 rachelle.morrow@ambest.com Copyright Business Wire 2009
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