MANILA, Philippines - Standard Insurance Co. Inc. has been accorded a domestic Philippine peso currency claims paying ability rating of BBB+ (triple B plus).
The local non-life insurance company was also accorded an international US-dollar denominated issuer credit rating of B+ (single B plus), a notch lower than the Philippines sovereign rating of BB- (double B minus).
Both of these ratings were provided by Global Credit Rating Co. (GCR), a highly reputable rating agency operating across four continents and providing ratings for around 1,000 organizations including banks, insurance and reinsurance companies and industrial borrowers.
The GCR is partly owned by DEG/KFW, an AAA (triple A) rated banking group of the German government.
GCR managing director Melanie Brown however took note of variability in risk during economic cycles.
These ratings from GCR support the company’s leadership in industrial fire insurance in the country together with its superior reinsurance facilities and its partnership with Zurich Financial Services.
It carries a property risk and catastrophe reinsurance (PRCR) with a limit of P1.5 billion led by Lloyds syndicates, A+ (single A plus) rated, complemented by an additional P1 billion facultative reinsurance from an AAA (triple A) rated international reinsurer.
Recently, it has established a sabotage and terrorism reinsurance facility (STRF) at a limit of $50 million for each occurrence and an aggregate limit of $200 million for each policy from Lloyds and providing local arbitration and jurisdiction under Philippine laws.
It also carries a motorcar reinsurance, which covers ‘acts of God’ (AOG) with an aggregate limit of P2.1 billion for a catastrophic occurrence from another AA+ (double A plus) rated international reinsurance company.