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A.M. BEST ASSIGNS RATINGS TO FIRST CAPITAL INSURANCE.
(Full text of statement. Contact details below.)
OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 28, 2006--A.M. Best Co. has assigned a financial strength rating of A- (Excellent) and an issuer credit of "a-" to First Capital Insurance Limited (First Capital) (Singapore). The outlook for both ratings is stable.
The rating reflects the company's sound capitalization, improving underwriting performance and conservative investment strategy.
First Capital's sound capitalization is demonstrated by its strong local capital adequacy ratio and low net underwriting leverage ratio, which stood at 258% and 0.4 times, respectively, at year-end 2004. Its outstanding Best's Capital Adequacy Ratio (BCAR), which measures capitalization on a risk-adjusted basis, further demonstrates the substantial cushion that exists.
First Capital's net profit increased to SGD 6.5 million (USD 4.0 million) in fiscal year 2004 from SGD 1.4 million (USD 0.8 million) in fiscal year 2003 due to improving underwriting performance. Despite the competitive insurance market in Singapore, the underwriting margin increased to 19% in fiscal year 2004 from 3% in fiscal year 2003. With successful underwriting controls and claims management, the loss and expense ratios continued to decrease. The combined ratio stood at 78% in 2004, which is the lowest in the past five years. A.M. Best expects that First Capital will maintain its current underwriting margin going forward.
Driven by its conservative investment ...
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Source: HighBeam Research, A.M. BEST ASSIGNS RATINGS TO FIRST CAPITAL INSURANCE.