AM Best confirms the credit ratings of AmTrust Assicurazioni SpA

AMSTERDAM–(BUSINESS WIRE)–AM Best confirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of AmTrust Assicurazioni SpA (AmTrust Assicurazioni) (Italy). The outlook for these Credit Ratings (ratings) is stable.

The ratings reflect the strength of AmTrust Assicurazioni’s balance sheet, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate management of business risks.

The ratings also take into account, in the form of a rating upgrade, AM Best’s expectation that the AmTrust Group will provide financial support to the business if needed. In addition, the group provides reinsurance support to AmTrust Assicurazioni.

AmTrust Assicurazioni’s risk-adjusted capitalization, as measured by Best’s capital adequacy ratio (BCAR), is considered the strongest. The balance sheet strength rating also reflects the company’s liquid and diversified investment portfolio, which is of high credit quality. A compensating factor is the company’s high level of reliance on reinsurance. However, the risks associated with this reliance on reinsurance are mitigated in part by the excellent credit quality of its reinsurance panel and the collateral held on unrated reinsurance receivables.

For 2021, the company reported pre-tax profit of €12.3 million and a combined ratio of 84.9% (as calculated by AM Best). The company’s technical result in 2021 benefited from a one-off adjustment with reinsurers, which had a positive impact of around €14 million. AmTrust Assicurazioni’s business volume was transferred from other AmTrust Group entities in July 2020, and the 2021 result therefore reflects its first full year of activity. Given the historical performance of the transferred portfolio, AM Best expects the company’s future performance to be commensurate with an appropriate valuation, with earnings supported by a modest level of underwriting profitability and good returns. on investment.

AmTrust Assicurazioni primarily underwrites professional medical liability insurance (MPLI) business in Italy. Gross written premiums amounted to €270 million in 2021. The company has a strong position in the Italian MPLI market, where it relies on its specialized expertise and holds a market share of around 40%.

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 relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Assessment Activity Web page. For more information on the use and limitations of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s Credit Ratings, Best’s Performance Ratings, Best’s Preliminary Credit Ratings, and AM Best’s press releases, please see Guide to Proper Use of Best’s Ratings and Reviews.

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