A.M. Best has affirmed the financial strength rating of A- (Excellent) and long-term issuer credit rating of “a-” of Evergreen Insurance Company Limited (EICL), domiciled in Bermuda.
EICL, as a pure captive of the Evergreen Group, has built its underwriting portfolio mainly in marine, aviation, property, engineering, motor and other liabilities related to the group’s operations.
The ratings of EICL are based on its balance sheet strength, which was categorised as “strong” by A.M. Best, and track record of favourable operating performance.
EICL’s risk-adjusted capitalisation remains at a high level, while underwriting performance has remained favorable, with a low net loss ratio along with minimal distribution costs.
The company’s balance sheet strength is sensitive to a potential increase in credit risk associated with reinsurance receivables related to its sizeable gross aviation risk.
The outlook of these credit ratings is stable.
