LONDON--(BUSINESS WIRE)--A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of Navigators International Insurance Company Ltd. (NIIC) (United Kingdom). The outlook of these Credit Ratings (ratings) remains stable.
The ratings reflect NIIC’s balance sheet strength, which A.M. Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect the implicit and explicit support provided to NIIC by its parent company, The Navigators Group, Inc. (NAVG).
NIIC’s balance sheet strength is underpinned by risk-adjusted capitalisation that is expected to be maintained at a very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR). The balance sheet strength assessment also factors in the company’s good liquidity profile and comprehensive reinsurance protection. A.M. Best expects NIIC’s operating performance to improve over the medium term as the company grows, underpinned by sound underwriting profitability.
NIIC’s business profile benefits from its association with the Navigators group, which has an established presence in the global specialty insurance and reinsurance market. The group has underwritten business in the European Economic Area markets, including the U.K., for the past 20 years through a U.K. branch of the Navigators Insurance Company, Lloyd’s Syndicate 1221, and managed by a network of branches and insurance intermediaries in Continental Europe. In 2017, NIIC commenced writing some of the business that had been previously written by the group’s Lloyd’s syndicate and U.K. branch, as well as new business on a selective basis.
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