AM Best has upgraded the outlooks to positive from stable and reaffirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) for the insurance subsidiaries of Starr International Company, Inc., the Switzerland-based private investment holding company.
The rating actions apply to the member companies of Starr International Group in New York and Starr Insurance & Reinsurance Limited in Bermuda, together known as Starr.
AM Best advises that the ratings assigned to Starr International Group’s member companies are underpinned by balance sheet strength assessed at the strongest level. The agency also takes into account adequate operating performance, a favourable business profile and appropriate enterprise risk management capabilities.
Similarly, AM Best indicates that the ratings of Starr Insurance & Reinsurance Limited and its subsidiaries are supported by balance sheet strength assessed as strongest, alongside adequate operating results, a favourable business position and suitable enterprise risk management.
In explaining the improved outlooks, AM Best points to stronger underwriting and operating trends across Starr International Company, Inc.’s subsidiaries.
The group has materially lowered its net underwriting expense base and delivered more consistent underwriting outcomes, with performance showing clear progress compared with previous years. AM Best further notes Starr’s ongoing plans to acquire the IQUW group, a move designed to enhance its product range in the London market and internationally.
Given IQUW’s solid track record, AM Best expects the transaction to contribute positively to future rating considerations through greater diversification and expanded scale within the broader organisation.
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent), with outlooks now positive, for the following Starr International Group entities: Starr Indemnity & Liability Company, Starr Surplus Lines Insurance Company and Starr Specialty Insurance Company.
The same ratings have been affirmed, with outlooks revised to positive from stable, for the following Starr Insurance & Reinsurance Limited entities: Starr Property & Casualty Insurance (China) Company, Limited; Starr International Insurance (Asia) Limited; Starr International Insurance (Singapore) Pte. Ltd; Starr International (Europe) Limited; Starr International Insurance (Switzerland) AG; and Starr Europe Insurance Limited.
