Hong Kong
25 September 2017
Reporter: Becky Butcher

Marubeni captive affirmed ‘excellent’

A.M. Best affirmed the rating of Marubeni Corporation’s Micronesia-domiciled captive, Marble Reinsurance Corporation, as “A- (Excellent)”.

The rating agency also affirmed the captive’s long-term issuer credit rating of “a-".

Marble Re is a wholly owned subsidiary of Marubeni Corporation, a trading company in Japan.

The ratings reflect Marble Re’s strong risk-adjusted capitalisation and five-year trend of positive operating performance.

Marble Re’s risk-adjusted capitalisation remains strong, supported by a low level of underwriting leverage and its conservative retrocession arrangements with reinsurers. MO< The captive has stop-loss covers for its major lines, which limit volatility in performance. Marble Re has reported positive operating performance, driven mainly by profitable underwriting results.

Offsetting these positive rating factors is Marble Re’s limited business scope as a single-parent captive of Marubeni.

A.M. Best said: “While positive rating actions are unlikely, negative rating actions could occur if there is a material increase in risk appetite, which potentially could undermine Marble Re’s profitability and capitalisation. In addition, negative rating actions could occur if there is significant deterioration in Marubeni’s credit profile.”

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