A.M. Best Affirms Ratings of Sunderland Marine Mutual Insurance Company Limited.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of "a-" of Sunderland Marine Mutual Insurance Company Limited (SMMI SMMI Salesian Missionaries of Mary Immaculate SMMI Single Man Machine Interface SMMI Synchronous Main Memory Interface ) (United Kingdom). The outlook for both ratings remains stable. A.M. Best expects SMMI's risk-adjusted capitalisation to strengthen during 2009, supported by an increase in retained earnings and a material reduction in investment risk. In 2008, SMMI's risk-adjusted capitalisation was adversely impacted by significant realised and unrealised losses on equities. The company has subsequently, substantially de-risked its investment portfolio through the sale of its equity holdings. A.M. Best expects SMMI to report a pre-tax profit of 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. 3.5 million in 2009 (2008: GBP 10.7 million loss). Rates for SMMI's specialist lines of 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. , fishing vessels and inland marine have improved, following the withdrawal of several market participants. This is likely to support a modest improvement in the underwriting result in 2009, from a small loss of GBP 343,000 in 2008. Additionally, net investment income of approximately GBP 3.5 million (excluding realised gains or losses) is anticipated. The reallocation Noun 1. reallocation - a share that has been allocated again allocation, allotment - a share set aside for a specific purpose 2. reallocation of the company's investment portfolio to cash and bonds is expected to reduce prospective performance volatility. In A.M. Best's opinion, SMMI maintains a strong business profile in its specialist markets. SMMI forms long-term relationships with its clients, leading to a very high business retention rate, in excess of 95% in 2008. The company has a network of international offices in the United States, Canada, Australia and New Zealand. SMMI also has subsidiaries in South Africa and the Netherlands, as well as a 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. subsidiary in Bermuda. For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
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