AM Best has revised Best Re’s rating

AM Best has confirmed reinsurer Best Re’s financial soundness and credit rating respectively from A- and a-) but revised their outlooks downwards from stable to negative. The rating agency justified this decision by the reinsurer’s capital-risk deterioration. During the 2011 year, the written premiums increased considerably, creating thus growing need for capital. Net written premiums have risen by 21% from 368 million USD to 444.8 million USD, while capital increased by solely 1% at 146.3 million USD. Despite the losses sustained from the Thailand floods, Best Re has exhibited a slight net profit in 2011.