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Simultaneously, MNK Group, London, has received a Long-Term ICR of \u201cbbb-\u201d (Good), with a stable outlook assigned to these ratings.<\/p>\nCredit ratings agency AM Best has assigned Florida Insurance and Reinsurance Company (Florida Re), a subsidiary of global independent re\/insurance conglomerate, MNK Group Holdings, a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of \u201ca-\u201d (Excellent).<\/p>\n
Simultaneously, MNK Group, London, has received a Long-Term ICR of \u201cbbb-\u201d (Good), with a stable outlook assigned to these ratings.<\/p>\n
According to AM Best, Florida Re\u2019s ratings reflect its \u201cvery strong\u201d balance sheet strength, adequate operating performance, limited business profile, and appropriate enterprise risk management (ERM).<\/p>\n
The ratings agency explained that, as a start-up, the balance sheet strength assessment accounts for current and prospective risk-adjusted capitalisation using management\u2019s communicated five-year business plan.<\/p>\n
Florida Re was capitalised through a cash contribution from the ultimate business owner and currently does not have any outstanding debt.<\/p>\n
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<\/a><\/div>\n<\/div>\nThe initial operating performance rating is also based on the company\u2019s five-year business plan, which is subject to successful implementation over the planning horizon. Florida Re\u2019s business plan calls for a mix of insurance business conducted in the United States and reinsurance business, which is assumed to be from international markets.<\/p>\n
The limited business profile considers the Florida-domiciled re\/insurer\u2019s focus on domestic commercial property, specifically condo associations, while its reinsurance business will focus on assumed property, among other lines. Florida Re is expected to start writing business by the end of 2025, and will leverage partnerships with condo associations for the insurance segment, along with its relationship with affiliate managing general agents for the reinsurance segment.<\/p>\n
Florida Re\u2019s current appropriate ERM could change, given the nature of a start-up organisation, which comes with execution risk. Its controls and tolerances are in place that will grow as the company expands, evolving the ERM. AM Best emphasises, these ratings are dependent on Florida Re\u2019s execution of its business plan effectively as presented.<\/p>\n
The post MNK\u2019s Florida Re gets A- rating from AM Best<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Credit ratings agency AM Best has assigned Florida Insurance and Reinsurance Company (Florida Re), a subsidiary of global independent re\/insurance conglomerate, MNK Group Holdings, a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of…<\/p>\n","protected":false},"author":1,"featured_media":355,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"_links":{"self":[{"href":"http:\/\/ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/posts\/1229"}],"collection":[{"href":"http:\/\/ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/comments?post=1229"}],"version-history":[{"count":3,"href":"http:\/\/ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/posts\/1229\/revisions"}],"predecessor-version":[{"id":1232,"href":"http:\/\/ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/posts\/1229\/revisions\/1232"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/media\/355"}],"wp:attachment":[{"href":"http:\/\/ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/media?parent=1229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/categories?post=1229"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/tags?post=1229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}