A.M. Best Affirms Rating of Sunderland Marine Mutual Insurance Company.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of Sunderland Marine Mutual Insurance Company Ltd (SMMI SMMI Salesian Missionaries of Mary Immaculate SMMI Single Man Machine Interface SMMI Synchronous Main Memory Interface ) (United Kingdom). The outlook remains stable. A.M. Best anticipates continued improvement in SMMI's risk-adjusted capitalisation at year-end 2005. It is anticipated that retained surplus will increase free reserves over 15% to approximately GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 42 million (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 78 million) in 2005, which will more than offset forecast premium growth of less than 2% in A.M. Best's risk-based analysis. In addition, A.M. Best believes that SMMI's capital remains strongly protected by its reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. programme, which provides cover to a level above the company's probable maximum loss Probable Maximum Loss (PML) The anticipated value of the largest loss that could result from the destruction and the loss of use of property, given the normal functioning of protective features (firewalls, sprinklers, and a responsive fire department, among others, in the . While A.M. Best foresees softening rates in SMMI's specialist markets in 2005, it anticipates that the company's selective underwriting approach and leadership position in the fishing vessels, inland/coastal vessels and aquaculture aquaculture, the raising and harvesting of fresh- and saltwater plants and animals. The most economically important form of aquaculture is fish farming, an industry that accounts for an ever increasing share of world fisheries production. sectors are likely to support a combined ratio below 95%. A combined ratio of approximately 90% was achieved in 2004 as a result of a better than anticipated claims environment, particularly for SMMI's aquaculture business. The company has branches in the United States, Australia, New Zealand and Canada, giving it a geographically well diversified portfolio of business. For Best's Ratings, an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion