AM Best Assigns Credit Ratings to TMHCC (CI) Insurance SPC Ltd.

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to TMHCC (CI) Insurance SPC Ltd. [TMHCC (CI) or the company] (Cayman Islands). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect TMHCC (CI)’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The very strong balance sheet strength assessment reflects TMHCC (CI)’s strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and its conservative investment portfolio, which consists primarily of cash and short-term investments. Projections indicate that risk-adjusted capitalization will remain at the strongest level during the company’s initial operating years. These strengths are offset partially by the company’s modest absolute capital base and limited standalone operating history.

The adequate operating performance assessment is supported by the historical underwriting profitability of the travel medical business administered by HCC Medical Insurance Services, Inc. (doing business as WorldTrips) and management’s expectation of continued profitable results under the new carrier structure. Prior to the transition, this business was written through the London market, with WorldTrips serving as coverholder and administrator. WorldTrips, which was established in 1998, continues to provide underwriting and administrative services, supported by experienced management within the Tokio Marine HCC organization. These strengths are offset partially by the expense-intensive nature of travel medical insurance.

The neutral business profile assessment reflects WorldTrips’ established presence in the international travel medical market, experienced management and existing distribution relationships. These strengths are offset by the company’s concentrated product focus among a limited number of distribution partners.

The appropriate ERM assessment reflects the company’s access to the established risk management framework, resources and oversight capabilities of the Tokio Marine HCC organization. These include group-level risk management, compliance and treasury functions, supported by experienced management and board representation. These strengths are tempered by the company’s limited standalone operating history and the regulatory complexities associated with its cross-border insurance business and Cayman Islands master-policy and trust structure.

The ratings also benefit from rating enhancement reflecting the explicit support provided through a guaranty from Houston Casualty Company, as well as implicit support from the broader Tokio Marine organization, including HCC Insurance Holdings, Inc., the company’s direct parent. The assessment considers the company’s strategic importance to the group, shared management and operational integration.

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