AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of MSIG Europe SE (MSIG Europe) (Belgium). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect MSIG Europe’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. In addition, MSIG Europe’s ratings benefit from lift due to the support of its ultimate parent, MS&AD Insurance Group Holdings, Inc. (MS&AD).

The rating actions follow the completion of the merger by absorption of MSIG Insurance Europe AG (MSIGEU) (Germany) into MSIG Europe (formerly known as MS Amlin Insurance SE). The merger was completed on 1 July 2025, with retroactive effect from 1 January 2025.

AM Best expects MSIG Europe’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), to remain at least at the very strong level prospectively. The balance sheet strength assessment also factors in the company’s conservative investments and strong liquidity profile. A partly offsetting rating factor is MSIG Europe’s moderate dependence on reinsurance. However, the associated credit risk is mitigated by the use of a financially strong and diverse reinsurance panel.

MSIG Europe has achieved robust underwriting results over the past five years (2020-2024), following corrective actions. In 2024, the company’s combined ratio stood at 94% (2023: 98%), as calculated by AM Best, supported by disciplined underwriting and rate increases. AM Best expects the company’s prospective performance to remain in line with the adequate assessment, taking into account the historical performance of MSIGEU.

MSIG Europe is a mid-tier commercial specialty carrier, covering a diversified book of European property/casualty and marine business. The company has a recognised brand and a market position that is supported by its association with MS&AD. The carrier also benefits from good market expertise and a strong position in a number of niche markets. MSIG Europe’s ratings also consider its strategic importance to MS&AD as it is the group’s vehicle to write primary business in continental Europe.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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