AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of TPRe and its wholly-owned subsidiary, TPRe China in a report published on 25 September. The outlook of these Credit Ratings (ratings) is stable. This is the seventh and fifth consecutive years that TPRe and TPRe China have been rated “A” by AM Best respectively.
According to the report, the ratings of TPRe reflect its balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also acknowledge the continued support given by TPRe’s parent company, China Taiping Insurance Holdings Company Limited, in terms of capital, investment, risk oversight and shared operational resources, as well as TPRe China’s high level of integration with TPRe.
AM Best expects that the introduction of Ageas as a strategic investor will boost TPRe’s capital and strengthen its underwriting capacity to support the company’s ongoing business development and overseas market expansion, particularly in Europe and Asia markets.