AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb" (Fair) of Premier Insurance Company Limited (Premier) (Gibraltar). The outlook of these Credit Ratings (ratings) is negative. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best's interactive rating process.
The ratings reflect Premier's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
Since 2022, the company has reported material operating losses every year, which has significantly depleted its reported shareholders' equity. The negative outlooks reflect AM Best's expectation of continued pressure on the company's operating performance and balance sheet strength fundamentals over the near term. While Premier continues to execute a viable turnaround strategy, persisting competitive market conditions result in heightened execution risk.
This press release relates to Credit Ratings that have been published on AM Best's website. 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. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. 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
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. 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. For more information, visit www.ambest.com
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Dale Kirby
Senior Financial Analyst
+44 20 7397 0276
dale.kirby@ambest.com
Kanika Thukral
Associate Director, Analytics
+44 20 7397 0327
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Associate Director, Public Relations
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Al Slavin
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al.slavin@ambest.com
