AM Best Affirms and Withdraws Ratings for Evergreen Insurance Company Limited
AM Best has affirmed the financial strength rating of ‘A-‘ (Excellent) and the long-term issuer credit rating of ‘a-‘ (Excellent) for Evergreen Insurance Company Limited (EICL). The outlook for these ratings remains stable. However, AM Best has decided to withdraw these ratings upon the company’s request, as EICL has opted out of AM Best’s interactive rating process.
Before the withdrawal, AM Best’s ratings were indicative of EICL’s robust balance sheet strength, which AM Best deemed to be very strong. The ratings also highlighted EICL’s adequate operating performance, its limited business profile, and its appropriate enterprise risk management practices.
Additionally, AM Best recognized the support EICL receives from its parent companies, Evergreen International SA and Evergreen International Corporation. This support encompasses capital provision, business development initiatives, operational strategies, and risk management processes.
EICL’s underwriting portfolio mainly includes marine, aviation, and property risks associated with the operations of its group. AM Best noted that EICL’s overall capital position and profitability have remained stable over the past five years. This stability is attributed to prudent underwriting practices, conservative reserving assumptions, and long-term reinsurance relationships.
