A.M. Best said the outlook of these credit ratings is stable.
The ratings reflect NGICL’s balance sheet strength, which A.M. Best categorised as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
NGICL’s balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level, as measured by best’s capital adequacy ratio (BCAR).
NGICL’s prospective risk-adjusted capitalisation is to remain at the strongest level, supported by the captive’s low underwriting leverage and comprehensive reinsurance programme, according to A.M. Best.
NGICL has a track record of strong underwriting performance, as evidenced by a five-year (2015 to 2019) weighted average combined ratio of 49 percent.
A.M. Best said: “Prospective operating performance remains subject to volatility, due to the captive’s exposure to low frequency,…
