Though AM Best affirmed Evergreen Insurance Company Limited’s (EICL’s) financial strength rating of ‘A-’ (Excellent), and the long-term issuer rating of ‘a-’ (Excellent), with an outlook ‘stable’, it has withdrawn these ratings at the request of the company, which no longer wants to participate in AM Best’s interactive rating process.
Prior to the withdrawal, AM Best says the ratings reflect EICL’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
AM Best also says the ratings reflect the company’s support from its parent firms, Evergreen International SA and Evergreen International Corporation, in terms of capital, business development, operations and risk management.
EICL’s in-force underwriting portfolio primarily consists of marine, aviation and property risks related to the group’s operations, while AM Best notes its overall capital position and profitability have been stable over the past five years, owing to “prudent underwriting practices, conservative reserving assumptions and long-term reinsurance relationships”.
