AM Best Affirms Credit Ratings of COSCO SHIPPING Captive Insurance Co., Ltd. [Yahoo! Finance]
COSCO SHP HLDG UNSP/ADR (CICOY)
NASDAQ:AMEX Investor Relations:
coscointl.com/en_ir_ho.asp
Company Research
Source: Yahoo! Finance
The ratings reflect COSCO SHIPPING Captive's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect the captive insurer being a strategically important member of its parent, China COSCO SHIPPING Corporation Limited (COSCO SHIPPING), and the wide range of support provided by COSCO SHIPPING in areas such as business development, risk management, and managerial and capital support. COSCO SHIPPING Captive's risk-adjusted capitalisation remained at the strongest level in 2023, as measured by Best's Capital Adequacy Ratio (BCAR). The company's balance sheet strength assessment is underpinned by a very low underwriting leverage and a prudent reinsurance programme. The captive insurer's capital and surplus has consistently grown at low- to mid-single digit rates, supported by stable operating performance. While the dividend payout ratio has in
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