OCTOBER 06, 2022 11:20 AM (EDT)
AM Best Assigns Credit Ratings to Great Lakes Services UK Limited
|Victoria Ohorodnyk |
Associate Director, Analytics
+31 20 308 5432
Dr. Mathilde Jakobsen
+31 20 308 5427
Manager, Public Relations
+1 908 439 2200, ext. 5159
+1 908 439 2200, ext. 5098
FOR IMMEDIATE RELEASE
AMSTERDAM - OCTOBER 06, 2022 11:20 AM (EDT)
AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa” (Superior) to Great Lakes Services UK Limited (GLSL) (United Kingdom). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect GLSL’s inclusion as a member of the lead rating unit of Munich Reinsurance Company (Munich Re), which has a balance sheet strength that AM Best assess as strongest, as well as strong operating performance, very favourable business profile and very strong enterprise risk management.
GLSL is strategically important to Munich Re as the group’s new carrier for the UK retail business. Previously, this business was written through the UK branch of Great Lakes Insurance SE, which is also a member of the Munich Re rating unit. GLSL will commence underwriting in January 2023 and will renew the UK retail portfolio of business previously written by the UK branch. The company is projected to write approximately GBP 880 million in gross written premium in 2023. The company will receive explicit support from Munich Re in the form of reinsurance, mirroring the support afforded to other operating entities within the Munich Re group. Additionally, GLSL will benefit from start-up capital injections from the group.
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, Best’s Performance Assessments, Best’s Preliminary Credit Assessments 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 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.