AM Best Affirms Credit Ratings of CIGNA Global Insurance Company Limited.
ENPNewswire-October 29, 2021--AM Best Affirms Credit Ratings of CIGNA Global Insurance Company Limited
(C)2021 ENPublishing - http://www.enpublishing.co.uk
Release date- 28102021 - AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) of CIGNA Global Insurance Company Limited (CGIC) (Guernsey).
The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect CGIC's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. Furthermore, the ratings of CGIC factor in ratings lift from its ultimate parent, U.S.-based Cigna Corporation.
CGIC's balance sheet strength is supported by its strongest level of risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR). In addition, the assessment considers the company's conservative investment strategy and its prudent reserving approach. This is partially offset by the company's dependence on reinsurance, which is provided by an unrated group reinsurer. AM Best notes that collateral is in place to reduce the associated counterparty credit risk.
CGIC has a track record of positive operating performance, demonstrated by a five-year (2016-2020) weighted average return-on-equity ratio of 16.3%. The company has reported a weighted average combined ratio of 83.9% over the same period; however, underwriting results have been subject to some volatility as the company has been scaling up its operations. AM Best expects prospective earnings to remain positive, underpinned by profitable technical performance and modest investment returns, reflecting the low-yielding assets in which the company primarily invests.
AM Best considers CGIC's business profile to be limited owing to its relatively small size and high product concentration. Whilst AM...
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