International rating agency Fitch has assigned an A-minus insurer financial strength rating to Denmark's KaB International Forsikringsaktieselskabet.
Fitch said the rating was based on the company's strong balance sheet, conservative investment strategy, geographically diversified underwriting portfolio and good prospects for profitable growth in 2002.
It added that those positive factors were offset by concerns about the company's small absolute size and some concentration risk within its book of international reinsurance business.
KaB International has adjusted capital and surplus of Dkr204.5m (£17.2m), which makes it small compared to the majority of its competitors.
The company is also subject to some concentration risk. One marine account represents approximately 18% of gross premium written.
Fitch said it believed that this concern would be moderated during 2002 as it continued to grow and diversify its underwriting portfolio
KaB International underwrites a relatively small, geographically diversified short-tailed portfolio of carefully selected international property and marine reinsurance risks.
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