AM Best Upgrades Credit Ratings of Protector Forsikring ASA
AMSTERDAM--(BUSINESS WIRE)-- AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to 'a-' (Excellent) from 'bbb+' (Good) of Protector Forsikring ASA (Protector) (Norway). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
The ratings reflect Protector's balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The rating upgrades reflect the positive trend in operating performance over recent years, which has been underpinned by the company's efforts to adjust premiums, control expenses and enhance earnings in the different markets in which it operates. The company's strong operating performance was demonstrated in 2024 by a combined ratio of 87.4% (net/net IFRS 17) and a return-on-equity ratio of 30.9%, as calculated by AM Best.
Protector's risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), was at the strongest level at year-end 2024. AM Best expects this ratio to be maintained at least at the very strong level prospectively with retained earnings anticipated to continue supporting the company's growth plans. The balance sheet strength assessment also benefits from a good liquidity profile and prudent reserving practices. A partially offsetting factor is the company's moderate reinsurance dependence, although the associated risk is mitigated somewhat by a well-diversified panel of reinsurance counterparties of good credit quality. Additionally, Protector's relatively high allocation to equities and non-rated bonds expose it to elevated investment risk, which increases the potential for volatility in risk-adjusted capitalisation.
Established in 2004, Protector benefits from its relatively strong foothold and expertise in Norway's commercial and public insurance sector, supported by established positions in other Nordic markets. The company has grown rapidly in recent years, in particular due to its expansion in the United Kingdom. In 2025, the company additionally began operations in France. The expansion in new markets has improved the geographical diversification of the portfolio; however, AM Best notes that it brings with it execution risk, and developments in new markets will be closely monitored by AM Best.
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 days ago
- Yahoo
Why S&P Global Has a Durable Business Model
S&P Global Inc. (NYSE:SPGI) is one of the Best Wide Moat Dividend Stocks to Invest in. A group of analysts studying data on a large monitor. The company operates in a space closely tied to the expansion of financial markets. As global debt levels rise and financial systems become more complex, the need for credit ratings and financial analytics continues to grow. This allows the company to benefit from long-term economic trends, including the increasing use of artificial intelligence and the evolving structure of global finance. Entering the credit rating business is extremely challenging due to strict regulations, which create a strong barrier for new competitors. S&P Global Inc. (NYSE:SPGI)'s strong financial track record reflects the quality of its business. The company has increased its annual dividend for 53 years in a row, highlighting its steady profitability and dedication to rewarding shareholders. Even during tough times like the 2008 financial crisis, the company proved its ability to perform reliably. Currently, it offers a quarterly dividend of $0.96 per share and has a dividend yield of 0.73%, as of June 24. While we acknowledge the potential of SPGI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure. None.
Yahoo
2 days ago
- Yahoo
Finland Ministry of Defense selects ICEYE for Space-Based Intelligence and Surveillance Capabilities
ICEYE will provide SAR satellites to the Finnish Defense Forces. HELSINKI, June 27, 2025 /PRNewswire/ -- ICEYE, the European leader in new defense technology and the global leader in Synthetic Aperture Radar (SAR) satellite operations, and the Finnish Ministry of Defense have signed a Letter of Intent that enables the Finnish Defense Forces to acquire ICEYE SAR satellites. The cooperation aims to enhance the Defense Forces' intelligence and surveillance capabilities from space. The agreement outlines a preliminary delivery plan and timeline. It also encompasses the technical solutions and systems needed to establish an autonomous national capability for space-based surveillance. Data from these satellites will support real-time situational awareness for Finland's national leadership and relevant authorities. "We are proud to contribute to strengthening Finland's national security. Timely and reliable Earth observation data from space is a strategic asset that supports a wide range of decisions. With this capability, Finland will be well positioned to become a global leader in the field, and our collaboration with the Finnish Defense Forces is something our team deeply values. It also creates a vital environment for advancing capabilities that support the defense readiness of other NATO allies," says Pekka Laurila, Co-founder and CSO at ICEYE. "As space becomes increasingly critical, Finland is now taking a unique step forward in national defense. By acquiring our own satellites, we are strengthening our independent space-based intelligence and surveillance capabilities, and at the same time, we are supporting the domestic high-tech defense industry and creating new opportunities to deepen cooperation with allies and partners," says Minister of Defence Antti Häkkänen. This cooperation offers the Finnish defense administration a rapid path to developing intelligence and surveillance capabilities and it plays a significant role in the overall development of the Defense Forces' space-based capabilities. ICEYE owns and operates the world's largest SAR satellite constellation, providing unlimited global access and the highest revisit frequency on the market. ICEYE SAR satellites provide 25 cm ground resolution, enabling accurate object detection and situational awareness in all weather and light conditions. To date, ICEYE has launched 54 SAR satellites into orbit for ICEYE's and its customers' use. About ICEYE ICEYE delivers unparalleled persistent monitoring capabilities to detect and respond to changes in any location on Earth, faster and more accurately than ever before. Owning the world's largest synthetic aperture radar (SAR) satellite constellation, ICEYE provides objective, near real-time insights, ensuring that customers have unmatched access to actionable data, day or night, even in challenging environmental conditions. As a trusted partner to governments and commercial industries, ICEYE delivers intelligence in sectors such as defense and intelligence, insurance, natural catastrophe response and recovery, security, maritime monitoring, and finance, enabling decision-making that contributes to community resilience and sustainable development. ICEYE operates internationally with offices in Finland, Poland, Spain, the UK, Australia, Japan, the UAE, Greece, and the US. We have close to 900 employees, inspired by the shared vision of improving life on Earth by becoming the global source of truth in Earth Observation. Media contact: press@ Visit and follow ICEYE on LinkedIn and X for the latest updates and insights. View original content to download multimedia: SOURCE ICEYE Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
2 days ago
- Business Wire
Best's Commentary: Initial Loss Estimates for Mexican Insurers from Hurricane Erick Expected to Be Well Below 2023 Hurricane Otis
MEXICO CITY--(BUSINESS WIRE)--Insured losses from last week's Category 4 hurricane that made landfall along Mexico's Pacific coast are expected to be contained with parametric insurance contracts unlikely to be triggered, according to a new report from AM Best. However, the current reinsurance market cycle could be further hardened because of Hurricane Erick and ongoing rapid development of tropical storms into severe hurricanes triggered by rising ocean temperatures. AM Best expects that for most insurers with exposure to the Oaxaca and Guerrero states struck by Hurricane Erick, the primary impacts will be mainly for business interruption losses from prolonged power outages, flooding and food shortages. Lesser material losses are expected for commercial and residential infrastructure, as well as high-value hotels and resorts. The hurricane had reached Category 4 status before tapering off to a Category 3 storm at landfall. In AM Best's view, estimated insurance industry losses for Hurricane Erick will fall well below the USD 1.97 billion in insured losses from Hurricane Otis in 2023. However, storm damage from Hurricane Erick continues to be assessed as it was the strongest hurricane ever recorded along Mexico's Pacific coast this early in hurricane season. 'Mexico's insurance industry is strongly capitalized and has sound levels of catastrophic provisions aimed at mitigating the effect,' said Salvador Smith associate director, AM Best. 'We'll continue to monitor the financial impact of Hurricane Erick on rated companies, as well as credit risk with counterparts and liquidity among rated insurers.' To access the full copy of the Best's Commentary, 'Hurricane Erick Makes Landfall in Mexico but Insured Loss Estimates Expected Well Below 2023 Otis,' please visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
