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.
Reinsurers compete aggressively for APAC business as record capital levels and benign loss experience drive double-digit rate reductions across the region.
