The downgrade reflects the continued capital support required for Lincoln Benefit’s captive reinsurer, Lancaster Re Captive Insurance Company, and the expected impact on its capital flexibility
The Ireland-based captive is well-integrated within the Eni group’s risk management framework and maintains its active role in overseeing and containing the group’s insurance costs
The rating downgrades reflect the captive’s business plan to cease underwriting new business starting from mid-May 2024
Over the past few years, QBE's underwriting performance has significantly improved thanks to ongoing premium rate increases and various group-wide underwriting initiatives to lower earnings volatility
SAC’s balance sheet strength assessment is evidenced by its risk-adjusted capitalisation, which is at the strongest level
The ratings demonstrate Marble Re’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance and neutral business profile
The ratings demonstrate ORIAS’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance
