AM Best has declared the financial strength rating of ‘A-’ (Excellent) and the long-term issuer credit rating of ‘a-’ (Excellent) for the Micronesia-based Marble Reinsurance Corporation (Marble Re).
The outlook of these credit ratings has been scored as ‘stable’.
The ratings demonstrate Marble Re’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
Marble Re’s balance sheet strength assessment is supported by its risk-adjusted capitalisation, alongside the company's sufficient and low-risk capital base. AM Best highlights that although the company's reinsurance dependency is relatively high, this risk is mitigated through its well-diversified reinsurance panel.
The firm has also had a consistently strong operating performance and stable underwriting profitability, which AM Best notes is a result of a stringent underwriting guideline and programme.
The company, Marble Re, is a single-parent captive for Marubeni, a general trading company in Japan. It provides reinsurance and insurance protection against group-related risks, with a primary focus on marine cargo.
