AM Best Assigns Credit Rating to Starr International Seguros Generales S.A.

MEXICO CITY--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) to Starr International Seguros Generales S.A. (Starr Chile) (Santiago, Chile). The outlook assigned to these Credit Ratings (ratings) is positive.

Starr Chile is an affiliate of Starr International Group (SIG), which on a consolidated basis has a balance sheet strength that AM Best assesses as strongest, as well as adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).

The assigned positive outlooks reflect the improved underwriting and operating trends for SIG.

Starr Chile is a property/casualty insurer, established in Santiago, Chile, in 2016, as part of the group’s expansion strategy, taking advantage of the dynamic economy of the country. The company focuses on large commercial property risks, and its business portfolio, based on gross premiums, consists of technical lines (77%), financial lines (9%), marine (8%) and casualty (6%). Starr Chile’s business strategy focuses on the commercialization of coverage for large industrial and commercial accounts, local and global, a model aligned with the objectives of its group. Distribution is carried out through a select set of agents and brokers.

Starr Chile has a highly experienced management team, which coupled with brand recognition of the Starr name are positive drivers for growing premiums.

Starr Chile has a capital base of CLP 24.4 billion (USD 24.7 million), and a risk-adjusted capitalization at the strongest level, as measured by Best Capital Adequacy Ratio (BCAR). Growth in capital and surplus in recent years was driven by profitable results, which have been fully reinvested in the last five years. The company’s balance sheet strength is further protected by a sound reinsurance structure placed among a highly rated panel.

Starr Chile has been able to successfully implement the business model of its group and post profitable results since the creation of the company; its business model allows for combined ratios well within premium sufficiency levels by taking advantage of reinsurance commissions.

Positive rating actions could take place if the group’s operating performance continues to trend favorably against peers. A negative rating action could occur due to a sustained deterioration in underwriting performance trends. Negative rating action could also occur should there be a material adverse reserve development charge that skews average returns below peers, or if AM Best's view of the holding company were to deteriorate.

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