AM Best revises up outlook for INPEX Insurance

27-08-2021

AM Best revises up outlook for INPEX Insurance

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Credit rating agency AM Best has upgraded the outlook of INPEX Insurance, Ltd. (IIL) (Bermuda) from stable to positive. It also affirmed its Financial Strength rating of A- (Excellent) and “a-” (Excellent) for its Long-Term Issuer Credit rating. 

According to the agency, it expects the oil and gas business captive to maintain underwriting results that outperform its peers, “supported by steady revenue growth, a low cost structure and favourable claims experience for its core product line”.

IIL’s risk-adjusted capitalisation was considered to be at the strongest level. It has continued to improve in the most recent fiscal year, the agency added, as a result of an increase in retained earnings and lower business net retention.

IIL is the single-parent captive of INPEX Corporation, the largest oil and gas exploration and production company in Japan. It underwrites energy operational risks, including property damage, third-party liability and operator’s extra expenses for its parent company, affiliates and joint-venture companies.

AM Best, INPEX Insurance, IIL, Long-Term Issuer Credit, INPEX Corporation, operational risks, Property damage, North America, Insurance, Reinsurance

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