2013-12-19 19:34:01 -
A.M. Best Asia-Pacific Limited has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Peak Reinsurance Company Limited (Peak Re) (Hong Kong). The outlook for both ratings is stable.
The ratings of Peak Re are based on its sound risk-adjusted capitalization, focused underwriting strategy entering the January renewal period, senior management’s long-standing Asia Pacific market knowledge and its strong investment performance achieved through a highly liquid investment portfolio during its first year of operation.
Partially offsetting these positive rating factors are the many challenges Peak Re faces in executing its business plan amid the increasingly competitive reinsurance environment within many Asia-Pacific markets. This includes the potential exposure to multiple large risk events that may adversely impact
its capital position during its early years of operation.
Although Peak Re is well positioned at its current rating level, negative rating actions may occur if failure to execute its business plan causes the company’s risk-adjusted capitalization to decline to a level below A.M. Best’s expectations.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M.
Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
Ratings are communicated to rated entities prior to publication, and unless stated otherwise, the ratings were not amended subsequent to that communication.
A.M. Best Asia-Pacific Limited is a subsidiary of A.M. Best Company. A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
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