A.M. Best A’s for Evergreen Re
A.M. Best has awarded the financial strength rating of “A” (Excellent) and issuer credit rating of “a” to Bermuda-based Evergreen Reinsurance Company (ERCL). The outlook for both ratings is stable.
The ratings reflect ERCL’s strong risk adjusted capitalisation, favourable operating performance and risk controls. Also considered was ERCL’s role as the pure insurance captive of Evergreen Group, a Taiwan-based international logistics and transportation company.
Partially offsetting the positive ratings is the potential capital demand from ECRL’s affiliate companies within Evergreen Group and the potential credit risk associated with the large risks on marine and aviation that are ceded to reinsurers.
