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AM Best Upgrades Credit Ratings of MS Amlin AG

AM Best has upgraded the Financial Strength Rating to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating to “aa-” (Superior) from “a” (Excellent) of MS Amlin AG (MS Reinsurance) (Switzerland). The outlook of these Credit Ratings (ratings) is stable.

The 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 support provided by its ultimate parent, MS&AD Insurance Group Holdings, Inc. (MS&AD).

The rating upgrades reflect the additional explicit support that MS Reinsurance receives from Mitsui Sumitomo Insurance Company, Limited (MSI), in the form of a parental guarantee that was enacted recently. MS Reinsurance is a direct subsidiary of MSI, which itself is a core subsidiary of MS&AD.

MS Reinsurance’s balance sheet strength is underpinned by its very strong risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), in 2022 and 2023. BCAR scores declined in recent years as a result of operating losses and strong premium growth but are expected to recover moderately and remain at least at the very strong level.

Following the appointment of new management from 2020, a series of remedial measures have been taken to improve underwriting performance and lower volatility of MS Reinsurance’s portfolio. Strategic initiatives include reducing catastrophe exposure and exiting underperforming accounts. The results of these measures, combined with hard market conditions, became visible in 2023, when the company achieved a combined ratio of 96% (as calculated by AM Best, based on Swiss Code of Obligations figures) or approximately 90% under IFRS. Prospectively, MS Reinsurance is expected to report profitable and less volatile underwriting results.

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

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


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