AM Best has affirmed the financial strength rating of A- (Excellent) of Sunderland Marine Mutual Insurance Company.
The outlook is stable, said the rating agency.
The rating reflects continuing improvement in the company's risk-adjusted capital position, strong performance and a good specialist business profile, it added.
AM Best said that SMMI's capital is strongly protected by its reinsurance programme, which includes whole account protection (up to a pre-established aggregate) and excess of loss cover, which provides protection above the level required for the company's maximum possible loss.
AM Best said SMMI will achieve a combined ratio below 95% in 2004 (92.8% in 2003) based on a continuation of favourable underwriting conditions in the company's specialist markets and SMMI's selective underwriting approach.
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