International rating agency Global Credit Ratings affirmed the national scale claims paying ability rating of A(PH) assigned to Standard Insurance Inc., with the rating outlook viewed as positive from stable.
A highly capitalized non-life insurer, Standard Insurance also improved its international scale rating of BB with a stable outlook for US dollar-denominated claims paying ability, according to GCR.
The GCR, in a credit rating released last month, cited Standard Insurance for its strong and improving capitalization and superior reinsurance facilities from some of the world’s best, highest-rated insurers that protect its motor and property portfolios from catastrophes and large single loss events.
The international scale rating is impacted by the insurer’s exposure to the Philippines’ sovereign rating, given that the insurer’s assets are locally domiciled and revenue is locally derived.
The positive outlook reflects the potential for upward rating movement should Standard Insurance’s earnings capacity register within a strong range, while maintaining very strong risk adjusted capitalization and strong liquidity metrics.