AM Best has revised its outlook to positive from stable for the long-term issuer credit rating (long-term ICR) of MS Amlin AG, operating as MS Reinsurance.
The financial strength rating (FSR) of A+ (Superior) and the long-term ICR of “aa-” (Superior) have been affirmed. The outlook for the FSR remains stable.
The ratings reflect MS Reinsurance’s balance sheet strength, assessed as very strong by AM Best, along with adequate operating performance, a neutral business profile, and appropriate enterprise risk management practices.
The ratings also incorporate uplift from the explicit support of its ultimate parent, MS&AD Insurance Group Holdings, Inc. The company benefits from a parental guarantee issued by its intermediate parent, Mitsui Sumitomo Insurance Company, Limited.
According to AM Best, the revision of the Long-Term ICR outlook is driven by MS Reinsurance’s growing role within the MS&AD group and improving financial results.
The company has reported a steady recovery in operating profitability in recent years, attributed to enhanced underwriting performance. This has been achieved through several portfolio adjustments, including a reduction in catastrophe risk exposure and withdrawal from underperforming business lines. Market conditions have also contributed to performance gains.
MS Reinsurance reported combined ratios of 95% in 2024 and 96% in 2023. On an IFRS 17 basis, both years showed a combined ratio of approximately 90%.
The company recorded a net profit of $346 million in 2024, following $366 million in 2023. The decrease in profit was attributed to a lower impact from catastrophe events year over year, but results remained within the company's target range.
The improvement in the combined ratio, which declined from 90.5% in 2023 to 88.7% in 2024, also reflect enhanced underwriting execution and the effect of diversification efforts.
In terms of premium growth, MS Reinsurance saw its gross written premiums rise from $3.1 billion in 2023 to $3.6 billion in 2024. The expansion was driven by favorable market conditions and the company’s ability to capture new business opportunities in both established and emerging markets.
CEO Robert Wiest (pictured above) noted that the 2024 performance reflected the company’s disciplined strategy and strong relationships with clients.
“We continue to grow our diversified portfolio profitably as favorable market conditions persist in 2025, and we remain focused on being a stable, reliable partner for our clients and a thoughtful steward of this business,” Wiest said.
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