AM Best has affirmed the financial strength rating of A and the long-term issuer credit rating of “a” of Bermuda-based Nissan Global Reinsurance (NGRe).
The outlook of these credit ratings is stable.
According to AM Best the ratings reflect NGRe’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The neutral business profile considers NGRe’s strategic role as a captive insurer for its parent, Nissan Motor Co.
The rating affirmations reflect NGRe’s continued profitable operations, which have resulted in consistent growth in surplus, sustaining its strongest risk-adjusted capitalisation, as measured by Best’s capital adequacy ratio and providing ample liquidity for its selected risks and exposures.
NGRe is a single-parent captive of Nissan. In its role as a single-parent captive, NGRe provides Nissan with a host of insurance coverages in the United States and abroad, including but not limited to extended service contracts, product liability and inland marine. As a member of the Nissan family of companies, NGRe benefits from the group’s proprietary data warehouse, extensive risk management practices and loss control programs.