Labuan Re, AM Best confirms its A- rating

AM Best has confirmed Labuan Re's financial soundness rating, A-, with stable outlook. Despite difficult times, the group has managed to maintain its loss ratio between 65.1% and 61.1% during the 2003-2007 period and 64.7% in 2008. Management costs remain at an acceptable level, 7% in 2008, 8% in 2007. A largely-diversified portfolio per class of business and per region has been also a positive factor: 22% of the gross premiums come from Malaysia, 43% from Lloyd's, 35% from Asia and the Middle East.