AM Best downgrades NCMIC’s credit
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