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-AM Best upholds Milli Reasurans Turk Anonim Sirketi's ratings.

M2 EQUITYBITES-September 21, 2011--AM Best upholds Milli Reasurans Turk Anonim Sirketi's ratings(C)2011 M2 COMMUNICATIONS

21 September 2011 - AM Best reiterated on Tuesday the financial strength rating of B++ (good) and the issuer credit rating of "bbb" of Turkey-based Milli Reasurans Turk Anonim Sirketi (Milli Re).

The outlook is "stable".

The ratings of Milli Re remain underpinned by its excellent market standing in the Turkish insurance and reinsurance markets and its acceptable risk-adjusted capitalisation.

These positives are somewhat tempered by the company's modest technical profitability in its non-life portfolio and, as a consequence, dependence on investment income.

Milli Re boasts a sound market position in Turkey as the sole domestic reinsurer with a 25% market share. In addition, the company further reinforced its domestic franchise through the purchase of an additional 37% stake in Anadolu, one of the two leading Turkish direct insurers in 2010.

Although Milli Re's risk-adjusted capitalisation weakened following the purchase of Anadolu shares in September 2010, AM Best considers that its current and prospective risk adjusted capitalisation remains stable and supportive of the company's ratings.

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Publication:M2 EquityBites (EQB)
Date:Sep 21, 2011
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