A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of B++ (Good) of InterGlobal Insurance Company Limited (InterGlobal) (United Kingdom).
The rating reflects InterGlobal’s solid level of risk-adjusted capitalisation and good anticipated prospective operating performance. An offsetting factor is the company’s weak underwriting performance in the 2010 financial year.
Weak conditions during 2009 within the international private medical insurance market have had a significant negative impact upon InterGlobal’s profitability in both the 2009 and 2010 financial years. A.M. Best anticipates that underwriting results will return to more robust levels in 2011, driven by improving market conditions.
Successive growth in net premium income over recent years has eroded InterGlobal’s level of risk-adjusted capitalisation. However, with a low level of investment risk and an excellent quality reinsurer panel, A.M. Best considers that the company’s level of risk-adjusted capitalisation is likely to remain at a good level over the coming two years.
A.M. Best Company is the world's oldest insurance rating and information source.