A.M. Best has affirmed the financial strength rating of “A- (Excellent)” of Marble Reinsurance Corporation (Marble Re), the single parent captive of the Marubeni Corporation, a Japanese trading company that handles products across a broad range of sectors.
The ratings agency also affirmed the long-term issuer credit rating of “a-” for Marble Re.
Marble Re’s risk-adjusted capitalisation remains “strong”, supporting the current ratings primarily due to its “conservative” risk appetite and “strong” retrocession panel in its marine cargo insurance business line.
A.M. Best noted that the single parent captive has reported “strong” profitability over the last five years, also driven by its underwriting results from marine cargo.
Marble Re purchased “adequate” stop-loss cover for the marine cargo business line, which helped support stable results, according to A.M. Best.
The ratings agency said: “While positive rating actions are unlikely, negative rating actions could occur if there is a material shift in risk appetite.”
