COFACE NORTH AMERICA INSURANCE COMPANY: AM Best affirms Coface's main operating subsidiaries rating at A (Excellent) with a stable outlook
Princeton, New Jersey, March 24, 2021 (GLOBE NEWSWIRE) -- In its press release, the agency reminds that this rating reflects Coface's balance sheet strength, which AM Best assesses as "very strong". This strength is underpinned by a consolidated risk-adjusted capitalization at the strongest level as measured by the Best's Capital Adequacy Ratio (BCAR) score.
AM Best also acknowledges that despite deteriorated economic conditions, Coface has reported good technical results in 2020 with a net combined ratio at 79.8%.
Last, in its release, the rating agency underscores that this note reflects Coface's "leading position in the global credit insurance market, which is characterised by high barriers to entry".
Carine Pichon, Coface SA Chief Finance & Risk Officer, commented:
"This affirmation comes after a year 2020 that has been extraordinary by many aspects. Coface teams' commitment has allowed us to navigate through this first phase of the sanitary and economic crisis in a satisfactory manner. We continue to relentlessly implement our strategy to improve our agility and our resilience, which are at the heart of our culture."
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