AM Best has affirmed the A- (excellent) rating of Brit Insurance. The outlook is stable.
The rating is based on the company's continued excellent capitalisation and liquidity levels, good underlying operating performance, improving business position and diversification, and the strength of its management and underwriting teams, said AM Best.
The conservative estimation of exposure to the World Trade Center loss gives a clear indication of management's cautious stance to reserving. Offsetting factors include Brit's modest market profile and low level of diversification by business line which can result in volatile financial performance due to the high dependence on property catastrophe business.
