AM Best has affirmed the credit ratings of the subsidiaries of Swiss-based Starr International Company Inc, which include Bermudian-based Starr Insurance & Reinsurance Ltd and its members.

The ratings agency affirmed the financial strength rating of A (Excellent) and the long-term issuer credit ratings of “a+” (Excellent) of island-based SIRL and New York-based Starr International Group, and their members. They are collectively referred to as Starr.

The outlook of these credit ratings is stable.

The ratings of the members of SIG reflect their balance sheet strength, which AM Best assesses as strongest, as well as their adequate operating performance, favourable business profile and appropriate enterprise risk management.

The ratings of SIRL and its members reflect their balance sheet strength, which AM Best assesses as strongest, as well as their adequate operating performance, favourable business profile and appropriate ERM.

AM Best said: “Starr maintains a well-diversified operation geographically and by product line. Additionally, the group has historically maintained risk-adjusted capitalisation levels in excess of the strongest assessment level, as measured by Best’s capital adequacy ratio.

“The group has experienced higher rates of ceded premium written in recent years due to changes in its underwriting strategy. While this has modestly increased reliance on third-party reinsurance, Starr has significantly reduced net underwriting expenses and stabilised underwriting results, which have improved from prior years.”

The FSR of A (Excellent) and the long-term ICRs of “a+” (Excellent) have been affirmed with stable outlooks for the following members of SIG: Starr Indemnity & Liability Company; Starr Surplus Lines Insurance Company; and Starr Specialty Insurance Company.

The FSR of A (Excellent) and the long-term ICRs of “a+” (Excellent) have been affirmed with stable outlooks for the following members of SIRL: Starr Property & Casualty Insurance (China) Company Ltd; Starr International Insurance (Asia) Ltd; Starr International Insurance (Singapore) Pte Ltd; Starr International (Europe) Ltd; Starr International Insurance (Switzerland) AG; and Starr Europe Insurance Ltd.