A.M. Best Assigns Credit Ratings to FAIR Oil & Energy Insurance Syndicate
FOEIS is one of the four reinsurance vehicles formed by the
The ratings reflect FOEIS’ strong risk-adjusted capitalisation, specialist business profile in the Afro-Asian energy sector and track record of robust technical profitability. The positive outlooks reflect the anticipated strengthening of the syndicate’s risk-adjusted capitalisation coupled with improvements expected in its enterprise risk management framework.
FOEIS’ risk-adjusted capitalisation strengthened considerably during 2016, driven by the syndicate’s shift in capital management strategy. FOEIS’ capital base is composed of its retained earnings, general reserve, and paid-up subscribed units of capacity. Historically, the syndicate had required members to pay-up 10% of their subscribed units, with the remaining amount callable at the syndicate’s request. In
Although limited in size, FOEIS benefits from a defendable niche business profile. Its membership provides the syndicate with good access to energy risks in the Afro-Asian territories, which is supplemented by business written through the open market across the region. In response to low oil prices affecting the syndicate’s growth, FOEIS has furthermore diversified its profile by accepting nuclear energy risks.
FOEIS recorded a net profit of
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
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