AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of 'bbb-' (Good) of Dunav-Re a.d.o. (Dunav-Re) (
The outlook of these Credit Ratings (ratings) is positive.
The ratings reflect Dunav-Re's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. In addition, the ratings reflect a neutral impact from Dunav Re's ownership by
Dunav-Re's risk-adjusted capitalisation remains at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). AM Best expects future business growth to be supported by internal capital generation and financial support from the company's parent. Dunav-Re is somewhat dependent on retrocession to manage domestically sourced business; however, the credit risk associated with this is mitigated partially by the excellent credit quality of the company's retrocession panel. Offsetting factors in the balance sheet strength assessment include the company's high exposure to
Dunav-Re has a track record of favourable underwriting performance, with a five-year (2018-2022) weighted average combined ratio of 80.8%. However, the company's business written outside of
Dunav-Re is a multiline reinsurer operating from within
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in
(C) 2023 Electronic News Publishing, source