![]() ![]() ALL RIGHTS RESERVED.Search new homes Search Please enter a valid location or select an item from the list. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. ĪM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. This press release relates to Credit Ratings that have been published on AM Best’s website. In 2022, international business represented 24% of its GWP, reflecting a 31% increase in international premium over 2021 reported figures. Although concentrated in its domestic market, Murimar has started to expand internationally over the past three years. Distribution through Murimar’s strong agency network and effective client retention aided by its mutual status support the market positions. In 2022, Murimar reported non-life gross written premium (GWP) of EUR 31.8 million. Murimar ranks third overall in Spain’s marine market and first in its fishing vessel segment. Murimar is a niche insurer focused on marine hull and cargo insurance for small- to medium-sized vessels in Spain. Prospectively, AM Best expects the mutual to maintain this level of profitability, following the change in its reinsurance structure. In 2022, the mutual achieved record profits after-tax of EUR 1.3 million, and a combined ratio of 93.4%, below Murimar’s five-year average of 96.9% (2018-2022) (as calculated by AM Best). ![]() Murimar’s balance sheet strength also factors in its small capital base, which can give rise to volatility in risk-adjusted capitalisation.ĪM Best considers Murimar’s operating performance to be adequate. The higher capital requirements were only offset partly by higher retained earnings achieved through improved underwriting performance. Murimar’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), fell to the very strong level at year-end 2022 from the strongest level in the previous year, primarily driven by higher underwriting risk as a result of significant growth in the mutual’s business profile. ![]() TV shows, movies, music, games, applications, books, and more. Minimalist design Helpful search overviews Useful sorting by relevance, age, and size. The negative outlooks reflect concerns regarding the appropriateness of Murimar’s risk management capabilities, including capital management approach, in the context of significant business growth experienced over the past three years and prospective expansion plans. All in all, its easy to see why this is one of the best torrent search engine sites. The Credit Ratings (ratings) reflect Murimar’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The outlook of these Credit Ratings (ratings) is negative. AMSTERDAM-( BUSINESS WIRE)- AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Mutua de Riesgo Maritimo, Sociedad de Seguros a Prima Fija (Murimar) (Spain). ![]()
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