Insurance
Home›Insurance›Reinsurance›AM Best upgrades Singapore Re credit ratings to a+
AM Best upgrades Singapore Re credit ratings to a+
AM Best also revised Singapore Re’s Long-Term ICR outlook to stable from positive and cited a 26.9% combined ratio in 2025.
AM Best has upgraded Singapore Re’s Long-Term Issuer Credit Rating to “a+” from “a,” while affirming its Financial Strength Rating of A, according to Reinsurance News. The rating agency revised the Long-Term ICR outlook to stable from positive, and kept the FSR outlook stable.
AM Best said the upgrade reflects Singapore Re’s strong balance sheet strength and strong operating performance, alongside a limited business profile and appropriate enterprise risk management. The ratings also factor in rating enhancement from Singapore Re’s ultimate parent, Fairfax Financial Holdings Limited.
The credit assessment pointed to sustained improvement in operating results, supported by favourable underwriting results and positive investment returns. Reinsurance News reported that Singapore Re posted a 26.9% combined ratio in 2025, with favourable results continuing into the first half of 2026, and AM Best expects strong performance supported by healthy business growth.
AM Best added that Singapore Re’s risk-adjusted capitalisation, measured by Best’s Capital Adequacy Ratio, is expected to remain at the strongest level over the medium term. The agency also noted the company’s investment mix focused on cash, deposits, and fixed income, and its use of retrocession to boost capacity and manage catastrophe and large risk exposures.