Best’s News & Research Service - November 02, 2023 08:41 AM (EDT)
AM Best Upgrades Credit Ratings of ERGO Insurance Pte. Ltd.
- November 02, 2023 08:41 AM (EDT)
Singapore //BestWire// - AM Best has upgraded the Financial Strength Rating to A+ (Superior) from B++ (Good) and the Long-Term Issuer Credit Rating to “aa” (Superior) from “bbb+” (Good) of ERGO Insurance Pte. Ltd. (Singapore). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect ERGO Insurance Pte. Ltd.’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 assesses as strongest, as well as strong operating performance, very favourable business profile and very strong enterprise risk management.
ERGO Insurance Pte. Ltd. is strategically important to Munich Re for the development of insurance business in Southeast Asia. The company has received explicit support from Munich Re in the form of reinsurance, mirroring the support afforded to other operating entities within the Munich Re group. Additionally, ERGO Insurance Pte. Ltd. benefits from capital injections from the group.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
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.