LONDON–(BUSINESS WIRE)–AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICR of “aa-” (Superior) of MS Amlin AG (MS Reinsurance) (Switzerland). The outlook of the FSR is stable.
The Credit Ratings (ratings) reflect MS Reinsurance’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. In addition, MS Reinsurance’s ratings benefit from rating enhancement, in the form of lift, due to explicit support provided by its ultimate parent, MS&AD Insurance Group Holdings, Inc. (MS&AD). MS Reinsurance receives explicit group support through a parental guarantee issued by MS Reinsurance’s intermediate parent, Mitsui Sumitomo Insurance Company, Limited (MSI).
The revision of the Long-Term ICR outlook to positive reflects the growing profile of MS Reinsurance within the MS&AD group, along with its improving financial performance.
The recovery in operating profitability over several years has been driven by MS Reinsurance’s improved underwriting performance, which has benefitted from a series of remedial measures put in place to reposition its underwriting portfolio, including reducing catastrophe exposure and exiting underperforming accounts, as well as favorable market conditions. The result of these measures is evidenced by the 95% and 96% combined ratio (as calculated by AM Best, based on Swiss Code of Obligations) that MS Reinsurance achieved in 2024 and 2023, respectively, or approximately 90% for both years, under IFRS 17. Prospectively, MS Reinsurance is expected to report profitable and less volatile underwriting results, reinforcing its position as a key subsidiary within the MSI group.
MS Reinsurance’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). After declining to the very strong level in 2023, largely as a result of strong premium growth, the company’s BCAR recovered to the strongest level in 2024, driven by a second consecutive year of profitability and the retention of earnings.
MS Reinsurance is an international reinsurance company with key operating hubs in Zurich, Bermuda and the United States. The company is well-diversified by both line of business and geography.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Contacts
Romeo Berti
Senior Financial Analyst
+44 20 7397 0267
[email protected]
Tim Prince
Director, Analytics
+44 20 7397 0320
[email protected]
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
[email protected]
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
[email protected]
