Kuala Lumpur, 29 June 2011 – Fitch Ratings has upgraded Malaysian Reinsurance Berhad’s (Malaysian Re) Insurer Financial Strength (IFS) to ‘A’ from ‘A-‘ today. Fitch Ratings also confirmed the Outlook remains Stable.
The upgrade reflects the Company’s resilient financial performance for the financial year ended 31 March 2011 and continued efforts to de-risk its balance sheet. This achievement also shows Malaysian Re’s dominant position in the Malaysian market and sound capital position.
A copy of the Press Release issued by Fitch Ratings dated 29 June 2011 is attached.
Malaysian Re is Malaysia’s leading reinsurance company and is a wholly-owned subsidiary of MNRB Holdings Berhad (MNRB). It is principally an underwriter of general reinsurance business, through proportional and non-proportional treaty reinsurance and facultative reinsurance. The company also actively participates in various local industry initiatives, which has helped to strengthen its relationships with domestic insurance companies.
Fitch Ratings is a leading global rating agency with dual-headquarters in New York and London covering entities in more than 90 countries, including IFS ratings on over 2,000 insurance companies. Fitch Ratings first rated Malaysian Re in 2006.