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12 October 2010 – AM Best reiterated on Monday the A+ (superior) financial strength rating (FSR) and “aa-” issuer credit rating (ICR) of UK HSB Engineering Insurance Ltd (HSBEIL).
The outlook is “stable”.
According to AM Best, HSBEIL is likely to continue to benefit from excellent consolidated risk-adjusted capitalisation during 2010.
The ratings also factor HSBEIL’s strategic importance to its parent, Hartford Steam Boiler Inspection and Insurance Co (HSB), as the HSB group’s principal source of geographical diversification.
In addition, HSBEIL receives explicit support from HSB in the form of reinsurance protection, the agency said.
The analysts also expect HSBEIL to continue to report good results in 2010, with both underwriting and investment income making a positive contribution.
The company has a strong track record of underwriting profitability, supported by its extensive engineering expertise.
In 2009, HSBEIL reported a pre-tax profit of GBP24m (USD38.2m/EUR27.5m) and a combined ratio of 86%, AM Best said.
HSBEIL has a strong specialist business profile in the UK and Canadian engineering insurance sectors.
The company benefits from its ownership of inspection and consultancy service provider, HSB Haughton Engineering Insurance Services, which plays an active role in HSBEIL’s underwriting and claims management, the rater said.
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