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FOR IMMEDIATE RELEASE
AMSTERDAM - NOVEMBER 11, 2025 08:52 AM (EST)
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Ørsted Insurance A/S (ORIAS) (Denmark). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect ORIAS’ balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
ORIAS is the captive insurer for Ørsted A/S (Ørsted), a global sustainable energy group headquartered in Denmark.
ORIAS’ very strong balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which is at the strongest assessment level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company also benefits from a very conservative and liquid investment portfolio. An offsetting factor is the company’s high dependence on reinsurance. This is mitigated partially by ORIAS’ longstanding relationship with its highly rated reinsurance panel.
The adequate operating performance assessment reflects ORIAS’ track record of good but volatile underwriting results, as demonstrated by a 10-year weighted average combined ratio of 75% (2015-2024). In 2024, ORIAS reported an improved net profit of DKK 158.5 million (USD 22.1million), compared with DKK 84.4 million (USD 12.5 million) profit reported in 2023, mainly driven by premium growth. Prospective performance is expected to remain positive in most years but remains subject to volatility due to the company’s exposure to potentially large property losses, although moderated on a net basis by the captive’s comprehensive reinsurance programme.
As a captive monoline insurer providing commercial property and construction insurance covers for Ørsted, ORIAS’ underwriting portfolio is concentrated by line of business but well-diversified geographically. ORIAS’ neutral business profile assessment also reflects its strategic importance to Ørsted.
AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.
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 use of Best’s Credit Ratings (BCR), Best’s Performance Assessments (PA), Best’s Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing 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.