AM Best has affirmed the financial strength rating of ‘A-’ (Excellent) and the long-term issuer credit rating of ‘a-’ (Excellent) for Ørsted Insurance (ORIAS), a sustainable energy group headquartered in Denmark.
The outlook of these credit ratings has been scored as ‘stable’.
The ratings demonstrate ORIAS’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.
ORIAS’s balance sheet strength assessment is evidenced by its risk-adjusted capitalisation, as well as its very conservative and liquid investment portfolio. The firm has received an adequate operating performance rating due to its track record of good but highly volatile underwriting results.
ORIAS is the captive insurer for Ørsted, providing commercial property and construction insurance covers for the company. AM Best notes that ORIAS’s neutral business profile assessment reflects its strategic importance to Ørsted.
