AM Best Affirms Credit Ratings of Starr International Company, Inc.’s Insurance Subsidiaries

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the insurance subsidiaries of Starr International Company, Inc. (SICO) (Switzerland), a private investment holding company. The outlook of these Credit Ratings (ratings) is stable. These rating actions apply to the members of Starr International Group (SIG) (New York, NY) and Starr Insurance & Reinsurance Limited (SIRL) (Bermuda), collectively referred to as Starr. (See below for a detailed list of the companies and ratings.)

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, favorable business profile and appropriate enterprise risk management (ERM).

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, favorable business profile and appropriate ERM.

Starr maintains a well-diversified operation geographically and by product line. Additionally, the group has historically maintained risk-adjusted capitalization levels in excess of the strongest assessment level, as measured by Best’s Capital Adequacy Ratio (BCAR). 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 stabilized 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
• 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, Limited
• Starr International Insurance (Asia) Limited
• Starr International Insurance (Singapore) Pte. Ltd
• Starr International (Europe) Limited
• Starr International Insurance (Switzerland) AG
• Starr Europe Insurance Limited

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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