AM Best Upgrades Credit Ratings of FuSure Reinsurance Company Limited
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of FuSure Reinsurance Company Limited (FuSure) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect FuSure’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. The ratings also reflect the implicit and explicit support from its ultimate parent, Tencent Holdings Limited (Tencent).
The upgrade reflects FuSure’s balance sheet strength that is strengthened by two rounds of material capital injection from shareholders, as well as anticipated additional capital commitment in the medium term. In addition, FuSure successfully executed its business plan in a disciplined manner.
Since its establishment in 2021, FuSure has focused on developing its market presence and competitive strengths in health reinsurance in the Greater China region, while leveraging its parent group Tencent’s support in business development, product innovation and distribution. Whilst health reinsurance remains the cornerstone of FuSure’s top line, over the years, the company has been actively diversifying its business profile in terms of line of business, geographic span, distributional channel and its client base. The business expansion includes long-term health reinsurance and commercial property business in Asia-Pacific. FuSure projects it will continue deliver double-digit top line growth in the medium term.
