Emerging risks | Growth Opportunities | APAC Insurance

Thursday, November 5, 2026

Captives, Construction & Engineering, Non-life, Ratings

AM Best affirms Strength and Credit Ratings for Petronas’s pure captive Energas, but downgrades Outlook to ‘Negative’

Energas has a strong balance sheet, but had a combined ratio of 106% in 2022 and is vulnerable to large losses from its energy-focused portfolio.

By

Editorial team

June 5, 2023

•

2 min read

(Re)in AsiaSIRC 2026 Hub

(Re)in AsiaSIRC 2026HubExplore the hub →

Unlock this insight for free

Register for a free 14-day trial to read the full insight.

14 days of access to (Re)in Asia’s premium intelligence
Free daily briefing in your inbox each morning
No credit card required

Already have an account? Sign in →

(Re)in AsiaSIRC 2026 Hub

(Re)in AsiaSIRC 2026HubExplore the hub →

Read next

AM Best downgrades Himalayan Re ratings over governance concerns September 4 2026
Fitch moves Prudential Financial to negative outlook on Japan remediation uncertainty October 23 2026
S&P cuts Prudential Financial outlook to negative on Japan recovery risks October 19 2026
Moody's upgrades China life insurance outlook to stable on profitability, capital strength October 29 2026
Indonesia health, credit lines remain pressure points as AM Best keeps non-life outlook stable October 8 2026
China BOCOM Insurance's unquoted holdings weigh on capital as AM Best revises outlooks to negative September 14 2026