AMSTERDAM--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa-” (Superior) to SI Insurance (Europe), SA (SIIE) (Luxembourg). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect SIIE’s inclusion as a member of the lead rating unit of Sompo Japan Insurance Inc. (SJ) (Japan), which has a balance sheet strength that AM Best assess as strongest, as well as strong operating performance, favourable business profile and appropriate enterprise risk management.
SIIE is strategically important to SJ as the SJ group’s carrier for Continental European business. The company was established in 2018 as part of the SJ group’s preparation for the United Kingdom’s withdrawal from the European Union. With effect from 1 January 2019, all European Economic Area asset and liabilities were transferred into SIIE from UK based entities. The company wrote gross written premium of EUR 347.8 million in 2020, reflecting strong growth from EUR 249.3 million in 2019. Continental Europe is identified by the SJ group as one of the key regions for future insurance growth. SIIE is fully integrated in the SJ group’s international division.
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