Latest news with #MSReinsurance
Yahoo
23-05-2025
- Business
- Yahoo
AM Best Revises Issuer Credit Rating Outlook to Positive for MS Amlin AG (MS Reinsurance)
LONDON, May 23, 2025--(BUSINESS WIRE)--AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICR of "aa-" (Superior) of MS Amlin AG (MS Reinsurance) (Switzerland). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect MS Reinsurance's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. In addition, MS Reinsurance's ratings benefit from rating enhancement, in the form of lift, due to explicit support provided by its ultimate parent, MS&AD Insurance Group Holdings, Inc. (MS&AD). MS Reinsurance receives explicit group support through a parental guarantee issued by MS Reinsurance's intermediate parent, Mitsui Sumitomo Insurance Company, Limited (MSI). The revision of the Long-Term ICR outlook to positive reflects the growing profile of MS Reinsurance within the MS&AD group, along with its improving financial performance. The recovery in operating profitability over several years has been driven by MS Reinsurance's improved underwriting performance, which has benefitted from a series of remedial measures put in place to reposition its underwriting portfolio, including reducing catastrophe exposure and exiting underperforming accounts, as well as favorable market conditions. The result of these measures is evidenced by the 95% and 96% combined ratio (as calculated by AM Best, based on Swiss Code of Obligations) that MS Reinsurance achieved in 2024 and 2023, respectively, or approximately 90% for both years, under IFRS 17. Prospectively, MS Reinsurance is expected to report profitable and less volatile underwriting results, reinforcing its position as a key subsidiary within the MSI group. MS Reinsurance's balance sheet strength assessment is underpinned by its risk-adjusted capitalisation being at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). After declining to the very strong level in 2023, largely as a result of strong premium growth, the company's BCAR recovered to the strongest level in 2024, driven by a second consecutive year of profitability and the retention of earnings. MS Reinsurance is an international reinsurance company with key operating hubs in Zurich, Bermuda and the United States. The company is well-diversified by both line of business and geography. 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, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Romeo BertiSenior Financial Analyst+44 20 7397 Tim PrinceDirector, Analytics+44 20 7397 Christopher SharkeyAssociate Director, Public Relations+1 908 882 Al SlavinSenior Public Relations Specialist+1 908 882
Yahoo
23-05-2025
- Business
- Yahoo
AM Best Revises Issuer Credit Rating Outlook to Positive for MS Amlin AG (MS Reinsurance)
LONDON, May 23, 2025--(BUSINESS WIRE)--AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICR of "aa-" (Superior) of MS Amlin AG (MS Reinsurance) (Switzerland). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect MS Reinsurance's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. In addition, MS Reinsurance's ratings benefit from rating enhancement, in the form of lift, due to explicit support provided by its ultimate parent, MS&AD Insurance Group Holdings, Inc. (MS&AD). MS Reinsurance receives explicit group support through a parental guarantee issued by MS Reinsurance's intermediate parent, Mitsui Sumitomo Insurance Company, Limited (MSI). The revision of the Long-Term ICR outlook to positive reflects the growing profile of MS Reinsurance within the MS&AD group, along with its improving financial performance. The recovery in operating profitability over several years has been driven by MS Reinsurance's improved underwriting performance, which has benefitted from a series of remedial measures put in place to reposition its underwriting portfolio, including reducing catastrophe exposure and exiting underperforming accounts, as well as favorable market conditions. The result of these measures is evidenced by the 95% and 96% combined ratio (as calculated by AM Best, based on Swiss Code of Obligations) that MS Reinsurance achieved in 2024 and 2023, respectively, or approximately 90% for both years, under IFRS 17. Prospectively, MS Reinsurance is expected to report profitable and less volatile underwriting results, reinforcing its position as a key subsidiary within the MSI group. MS Reinsurance's balance sheet strength assessment is underpinned by its risk-adjusted capitalisation being at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). After declining to the very strong level in 2023, largely as a result of strong premium growth, the company's BCAR recovered to the strongest level in 2024, driven by a second consecutive year of profitability and the retention of earnings. MS Reinsurance is an international reinsurance company with key operating hubs in Zurich, Bermuda and the United States. The company is well-diversified by both line of business and geography. 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, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Romeo BertiSenior Financial Analyst+44 20 7397 Tim PrinceDirector, Analytics+44 20 7397 Christopher SharkeyAssociate Director, Public Relations+1 908 882 Al SlavinSenior Public Relations Specialist+1 908 882
Business Wire
23-05-2025
- Business
- Business Wire
AM Best Revises Issuer Credit Rating Outlook to Positive for MS Amlin AG (MS Reinsurance)
LONDON--(BUSINESS WIRE)-- AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICR of 'aa-' (Superior) of MS Amlin AG (MS Reinsurance) (Switzerland). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect MS Reinsurance's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. In addition, MS Reinsurance's ratings benefit from rating enhancement, in the form of lift, due to explicit support provided by its ultimate parent, MS&AD Insurance Group Holdings, Inc. (MS&AD). MS Reinsurance receives explicit group support through a parental guarantee issued by MS Reinsurance's intermediate parent, Mitsui Sumitomo Insurance Company, Limited (MSI). The revision of the Long-Term ICR outlook to positive reflects the growing profile of MS Reinsurance within the MS&AD group, along with its improving financial performance. The recovery in operating profitability over several years has been driven by MS Reinsurance's improved underwriting performance, which has benefitted from a series of remedial measures put in place to reposition its underwriting portfolio, including reducing catastrophe exposure and exiting underperforming accounts, as well as favorable market conditions. The result of these measures is evidenced by the 95% and 96% combined ratio (as calculated by AM Best, based on Swiss Code of Obligations) that MS Reinsurance achieved in 2024 and 2023, respectively, or approximately 90% for both years, under IFRS 17. Prospectively, MS Reinsurance is expected to report profitable and less volatile underwriting results, reinforcing its position as a key subsidiary within the MSI group. MS Reinsurance's balance sheet strength assessment is underpinned by its risk-adjusted capitalisation being at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). After declining to the very strong level in 2023, largely as a result of strong premium growth, the company's BCAR recovered to the strongest level in 2024, driven by a second consecutive year of profitability and the retention of earnings. MS Reinsurance is an international reinsurance company with key operating hubs in Zurich, Bermuda and the United States. The company is well-diversified by both line of business and geography. 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, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
Business Wire
20-05-2025
- Business
- Business Wire
MS Reinsurance reports ‘strong' 2024 with improved combined ratio and net profit of $346m
ZURICH--(BUSINESS WIRE)--Global reinsurer MS Reinsurance announced today that it produced a net profit of $346 million after tax for the year ended 2024, compared to $366 million for the year ended 2023 1. The announcement follows on from the release by parent company, MS&AD 2, of the insurance group's consolidated financial results for the full year 2024 on May 20, 2025. MS Reinsurance's combined ratio improved from 90.5% in 2023 to 88.7% in 2024, and gross written premiums increased from $3.1 billion in 2023 to $3.6 billion in 2024. '2024 was another very strong year driven by significant premium growth in continued favorable market conditions,' said Chief Executive Officer Robert Wiest. 'We are committed to putting the client at the heart of everything that we do, taking a portfolio approach to the business, decreasing volatility and growing our profitability. Our 2024 results show that we are delivering on these key objectives.' In a letter to stakeholders published alongside the company's Financial Condition Report, Mr. Wiest commented further on the strategic themes underlying the company's performance. '2024 reinforced the power of consistency in our strategy, our partnerships, and the discipline of our execution. We continued to grow, but growth for the sake of growth has never been our aim. We focus on cultivating relationships with clients who share our values and vision.' Read the full letter here. In April 2024, S&P Global Ratings affirmed the company's Financial Strength Rating of A+ and lifted its outlook from 'Stable' to 'Positive'. S&P attributed the positive outlook to improved operating performance and a potential elevation of the company's status within the MS&AD Insurance Group to core group status. Mr. Wiest concluded, 'We continue to grow our diversified portfolio profitably as favourable market conditions persist in 2025, and we remain focused on being a stable, reliable partner for our clients and a thoughtful steward of this business.' Net profit of $346 million Despite a continuously uncertain geopolitical environment and significant loss activity throughout the year, MS Reinsurance reported a net profit after tax for 2024 of $346 million as a result of strong underwriting and investment results. The impact from large loss events in 2024 was considerably below the company's large loss budget and favorable prior year developments added to the strong underlying results. In the face of continued market volatility, MS Reinsurance recorded investment gains of $177 million with a return on investments of 3.3%. Gross Written Premiums grow to $3.6 billion from $3.1 billion in 2023 MS Reinsurance was able to continue top line growth in a favorable market environment, in line with the company's strategy to build a diversified and well-balanced portfolio. Combined Ratio improves to 88.7% The strong combined ratio for 2024 of 88.7%, compared to 90.5% in 2023, reflects the company's strong underwriting performance, consistent with our strategy to diversify our portfolio and reduce volatility. About MS Re MS Reinsurance is a global reinsurer domiciled in Switzerland with underwriting offices in Zurich, Bermuda, Miami, and New York. The Company underwrites non-life treaty reinsurance solutions on a worldwide basis through its three business units: Americas, International, and Specialty Lines. As part of the world-leading insurance group MS&AD, MS Reinsurance combines reliability and agility to make its clients' businesses stronger. With a drive to move quickly and a commitment to long term partnership, MS Reinsurance supports its partners with the momentum and stability they can build on. ____________________ 1 The 2023 result after tax reflected a one-off impact of $93 million in deferred tax assets in anticipation of the introduction of a corporate tax system in Bermuda. 2 In the consolidated financial results of MS&AD Group, a net profit after tax of $317 million is disclosed for MS Reinsurance, reflecting adjustments in relation to the differing financial year reporting period (April to March). Expand
