US-based ratings agency A.M. Best has assigned a financial strength rating of “A+” (Superior) and a long-term issuer credit rating of “aa-” to Alwyn Insurance (Gibraltar). The agency has also placed these Credit Ratings (ratings) under review with developing implications.
Alwyn is licensed to write auto, property and liability lines of business and will provide capacity to recognized lead insurers, broker groups and managing general agents in the European insurance market. It is wholly owned by Arch Reinsurance and is part of Arch Capital Group.
Alwyn will continue to build its business with established counterparties that have proven track records, well-established rates, robust management information systems and superior claims handling abilities, according to a statement by A.M. Best. The ratings agency added that Alwyn will focus initially on writing Western European property/casualty lines of business, including motor, property insurance and general liability. After this initial focus, Alwyn anticipates adding other major lines throughout the European insurance market.
“Factors that could result in a rating revision to negative or a rating downgrade include unfavourable operating profitability trends, outsized catastrophe or investment losses relative to peers, significant adverse loss reserve development or a material decline in risk-adjusted capital,” said A.M. Best.
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