AM Best Affirms and Withdraws Ratings for Evergreen Insurance Company Limited
AM Best has recently affirmed the financial strength rating of ‘A-‘ (Excellent) and the long-term issuer rating of ‘a-‘ (Excellent) for Evergreen Insurance Company Limited (EICL). The ratings outlook is noted as stable. However, these ratings have been withdrawn upon the company’s request, as EICL has chosen not to participate further in AM Best’s interactive rating process.
Before the withdrawal, AM Best evaluated EICL’s balance sheet strength as very strong, alongside an assessment of their adequate operating performance, limited business profile, and appropriate enterprise risk management.
Additionally, AM Best highlighted the significance of parental support from Evergreen International SA and Evergreen International Corporation, which bolster EICL through capital infusion, business development, operational guidance, and risk management strategies.
EICL’s current underwriting portfolio is chiefly composed of marine, aviation, and property risks, directly linked to the group’s operational activities. Over the past five years, the company’s capital position and profitability have maintained stability, attributed to their prudent underwriting practices, conservative reserving assumptions, and enduring reinsurance partnerships.
