LONDON--(BUSINESS WIRE)--AM Best has been recognised by the Swiss Financial Market Supervisory Authority (FINMA), effective 13 December 2019, to enable Best’s Credit Ratings to be used by insurance companies in Switzerland for the determination of capital requirements in accordance with the Swiss Solvency Test.
FINMA’s requirements for recognition are designed to ensure that the quality of ratings used for regulatory reporting meet certain minimum standards. Nick Charteris-Black, managing director, market development—EMEA, said: “Whilst AM Best has rated (re)insurance companies in Switzerland for many years, this formal recognition by FINMA enables our ratings of Swiss (re)insurance companies and those produced throughout the world to be used for regulatory purposes in Switzerland by the domestic insurers, typically in relation to their reinsurance arrangements. AM Best welcomes this latest recognition broadening our European and global presence as a specialist rating agency focused exclusively on the (re)insurance sector”.
For further information about FINMA’s recognition of credit rating agencies, please visit: www.finma.ch/en/authorisation/rating-agencies/
AM Best is a global credit rating agency, news publisher and data provider specialising in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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