Korea led the region’s softening with a 17% composite rate drop, while Taiwan and Hong Kong SAR also posted double-digit declines, according to Marsh data.
The affirmed Excellent ratings and stable outlook also factor in the neutral impact from the company’s ultimate majority owner, Malayan Banking Berhad (Maybank group).
The reinsurer is projected to "maintain prudent underwriting discipline" amid softening reinsurance market conditions, according to the ratings agency.