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FOR IMMEDIATE RELEASE
LONDON - MARCH 31, 2021 01:22 PM (EDT)
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” to Starr International Insurance (Switzerland) AG (Starr Switzerland). The outlook assigned to these Credit Ratings (ratings) is stable. The company is a sister company of Starr Insurance & Reinsurance Limited (SIRL) (Bermuda). Starr Switzerland and SIRL are wholly owned subsidiaries of Starr International Company Inc (Switzerland), a private investment holding company.
The ratings of Starr Switzerland reflect SIRL’s balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, favourable business profile and appropriate enterprise risk management. Starr Switzerland’s ratings also factor in its strategic importance to SIRL, and the explicit support it receives from SIRL in the form of a capital maintenance agreement and reinsurance.
Starr Switzerland is a recently formed insurer and reinsurer domiciled in Switzerland. The company is expected to start underwriting in April 2021, with a focus on property risks. Until it grows its book of direct local business, the premium mix will be skewed toward reinsurance, as reinsurance business currently underwritten by Starr Europe Insurance Limited (Malta) will be renewed into Starr Switzerland.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.