MARC has downgraded its insurer financial strength (IFS) rating on BEST RE (L) Limited (BEST RE) to A+ from AA and revised the outlook to negative from stable. The rating action reflects recent underwriting losses due in part to higher catastrophe losses arising from Thai floods in 2011 and the weakening of its capital adequacy metrics. The current rating incorporates risk-mitigating initiatives u...

The report has been updated from the original report issued on March 2, 2011. The key amendments is the organisational details of Salama Group in page 5. MARC has assigned an insurer financial strength rating of AA to BEST RE (L) Limited and BEST RE Family (L) Limited (collectively referred to as the BEST RE Group) on Malaysia’s national rating scale. The companies were set up when the origi...