AM Best assigns FSR of A to Emani

AM Best has assigned a financial strength rating (FSR) of A (Excellent) and an issuer credit rating of "a" to European Mutual Association for Nuclear Insurance (Emani) (Belgium). The outlook assigned to both ratings is stable.

According to AM Best, the ratings reflect Emani's excellent, if volatile performance record, strong specialist business profile in the nuclear energy sector and strong risk-adjusted capitalisation. The firm also has a good track record of strong underwriting results, which can be seen by aits five-year average combined ratio of 34 percent.

“These strengths are partially offset by Emani’s exposure to large underwriting losses as well as the potential for capital reduction following a full-limit loss. However, these risks are partially alleviated by the firm extensive reinsurance programme. Emani also has contractual right to assess a retrospective premium for six times each member's annualised premium contribution,” said the rating agency.