Global financial services ratings agency, A.M. Best, has been recognised by the Swiss Financial Market Authority (FINMA), effective December 13th.
The recognition by FINAM is to enable Best’s Credit Ratings to be used by Switzerland-based insurers for the determination of capital requirements in accordance with the Swiss Solvency Test.
The requirements for recognition are designed to make sure that the quality of ratings utilised for regulatory reporting meet certain standards.
Nick Charteris-Black, Managing Director, Market Development, EMEA, commented: “Whilst AM Best has rated (re)insurance companies in Switzerland for many years, this formal recognition by FINMA enables our ratings of Swiss (re)insurance companies and those produced throughout the world to be used for regulatory purposes in Switzerland by the domestic insurers, typically in relation to their reinsurance arrangements.
“AM Best welcomes this latest recognition broadening our European and global presence as a specialist rating agency focused exclusively on the (re)insurance sector.”
