Starr International subsidiaries maintain excellent ratings from AM Best

Starr International subsidiaries maintain excellent ratings from AM Best | Insurance Business New Zealand

Reinsurance

Starr International subsidiaries maintain excellent ratings from AM Best

Other affiliates had substantial balance sheet strength, ratings agency says

Reinsurance

By
Kenneth Araullo

AM Best has reaffirmed the financial strength rating (FSR) and long-term issuer credit ratings (Long-Term ICR) of Starr International Company’s (SICO) insurance and reinsurance subsidiaries.

SICO, a private investment holding company based in Switzerland, saw its subsidiaries maintain an FSR of A (Excellent) and a Long-Term ICR of “a+” (Excellent), with a stable outlook on these ratings. The reaffirmed ratings apply to members of the Starr International Group (SIG) and Starr Insurance & Reinsurance Limited (SIRL), headquartered in Bermuda.

The ratings for SIG’s members, including Starr Indemnity & Liability Company, Starr Surplus Lines Insurance Company, and Starr Specialty Insurance Company, all based in Dallas, TX, acknowledge their robust balance sheet strength, assessed as strongest by AM Best. Additionally, these ratings consider their adequate operating performance, favorable business profile, and appropriate enterprise risk management (ERM).

Similarly, the ratings for SIRL and its affiliates reflect their substantial balance sheet strength and adequate operational performance. SIRL’s members include various international entities like Starr Property & Casualty Insurance (China) Company, Limited; Starr International Insurance (Asia) Limited (Hong Kong); Starr International Insurance (Singapore) Pte. Ltd; Starr International (Europe) Limited (United Kingdom); Starr International Insurance (Switzerland) AG (Switzerland); and Starr Europe Insurance Limited (Malta).

Both SIG and SIRL are recognized for their well-diversified international operations and product exposures. They have demonstrated strong growth trends in key markets, with underwriting results aligning with the commercial casualty composite’s five-year average combined ratio. AM Best notes that both groups have maintained the highest levels of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), bolstered by favorable liquidity metrics.