Ratings Roundup: Mapfre, Platinum, China(Macau), Coastal Medical

A.M. Best Co. has affirmed the issuer credit rating (ICR) of “a” of Mapfre S.A. (formerly Corporacion Mapfre S.A., the holding company of Spain’s Mapfre Group) and the ratings of “a” on the €275 million ($403.5 million) 6.02 percent senior unsecured debt due 2011 issued by Mapfre S.A. Best also affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the ICR of “a” of Mapfre Asistencia Compania Internacional de Seguros y Reaseguros, S.A., as well as the FSR of ‘A’ (Excellent) and the ICR of “a-“of Mapfre Empresas, Compania de Seguros y Reaseguros. The outlook for all ratings is stable. Best then announced that it has “withdrawn all debt ratings, ICRs and FSRs at the company’s request and assigned a category NR-4 (Company Request) to the two operating companies. The ratings of all other rated subsidiaries of Mapfre S.A. are unchanged.”

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a” of the Bermuda-based Platinum Underwriters Group and its members. Best also affirmed the ICR of “bbb” of Platinum Underwriters Holdings, Ltd. and the debt ratings of Platinum and Platinum Underwriters Finance, Inc. The outlook for all ratings is stable. “The ratings reflect the group’ s very strong capitalization, strong operating results and established business position as a global, multi-line provider of reinsurance coverages,” said best. “The ratings also reflect the group’ s good financial flexibility, solid liquidity and proven ability to access the capital markets.”

A.M. Best Co. has assigned a financial strength rating (FSR) of ‘A-‘ (Excellent) and an issuer credit rating (ICR) of “a-” to China Insurance (Macau) Company Limited (CIM) with a stable outlook. “The ratings reflect CIM’ s consistent operating profitability, strong market presence in Macau’ s non-life insurance industry and strong risk-adjusted capitalization,” Best explained. “The ratings also recognize the operating support from the China Insurance Group with regard to investment and reinsurance capacity.

A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A-‘ (Excellent) from ‘B++’ (Good) and has assigned an issuer credit rating (ICR) of “a-” to Bermuda-based Coastal Medical Insurance Ltd. The outlook for both ratings is stable. “The ratings reflect Coastal’ s excellent capitalization, generally favorable operating results generated by a very low expense structure and customized risk management programs, experienced senior management team and conservative reserving and investment philosophies,” said Best.