AM Best has revised the outlook for the Long-Term Issuer Credit Rating of MS Reinsurance to positive from stable, reflecting the company’s increasing significance within the MS&AD group and its improving financial performance.
The rating agency has also affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICR of “aa-” (Superior) of MS Reinsurance.
As per AM Best, MS Reinsurance’s credit ratings reflect its very strong balance sheet strength, as assessed by the agency, along with adequate operating performance, a neutral business profile, and appropriate enterprise risk management.
“In addition, MS Reinsurance’s ratings benefit from rating enhancement, in the form of lift, due to explicit support provided by its ultimate parent, MS&AD group,” AM Best added.
The Switzerland-domiciled reinsurer reported growth of 17.6% in gross written premiums to $3.6 billion for the full year 2024, up from $3.1 billion in 2023, driven by top-line growth in a favourable market environment, in line with the firm’s strategy to build a diversified and well-balanced portfolio.
MS Reinsurance also reported a notable improvement in underwriting performance, with its combined ratio decreasing to 88.7% in 2024, compared to 90.5% in 2023.
While the supportive market conditions contributed to this strong performance, CEO Robert Wiest told Reinsurance News that MS Reinsurance’s differentiated approach and client engagement are what truly set the firm apart.
