Bermuda-based Nissan Global Reinsurance, which provides property, casualty and “extended service contract business” to the car manufacturer, has had its A- (Excellent) rating affirmed by AM Best.
AM Best said the affirmation reflected “strong capitalisation and conservative operating strategy”, adding that the captive has performed admirably as a risk transfer vehicle for Nissan since its inception in 2005.
AM Best expressed concern regarding the captives exposure to liability, property and marine cargo claims associated with the carmakers global operations, but the rating agency was confident of the company’s ongoing commitment to its captive. “AM Best recognises the quality of the substantial financial resources and support available to the captive”, the report said.
AM Best indicated that Nissan Global Re provides “global property/casualty programs for Nissan, which include global property (United States, Japan, Europe, Mexico and South Africa), U.S. workers' compensation, U.S. and Japan product liability and marine transport; and (2) a global platform for extended service contract business.”
AM Best, Nissan, Bermuda, captive insurance, workers' comp