Rating & Solvency
Insurance (Prudential Supervision) Act 2010
MARAC Insurance Limited has been assigned an Insurer Financial Strength rating of BBB+ (Outlook Stable) by Fitch Ratings.
A summary of the rating scale is:
| Secure Range | Vulnerable Range |
| AAA (Exceptionally Strong) | BB (Moderately Weak) |
| AA (Very Strong) | CCC (Very Weak) |
| A (Strong) | CC (Extremely Weak) |
| BBB (Good) | C (Distressed) |
"+" or "-" may be appended to a rating to indicate the relative position of a credit within the rating category.
MARAC Insurance Limited Solvency Margin
The Insurance (Prudential Supervision) Act 2010 requires life insurers such as MARAC Insurance Limited to hold a minimum amount of capital. Having a solvency margin above zero means an insurer holds more than the minimum amount of capital. The following table shows a breakdown of MARAC Insurance Limited’s solvency margins as at 31 December 2017.
| Life (Statutory fund) $000 |
Non-life $000 |
Total $000 |
|
| Unaudited 31 December 2017 | |||
| Actual Solvency Capital | 2,048 | 3,624 | 5,672 |
| Minimum Solvency Capital* | 1,805 | 3,195 | 5,000 |
| Solvency Margin | 243 | 429 | 672 |
| Solvency Ratio | 113% | 113% | 113% |
* An aggregate minimum of $5m applies to all companies writing life insurance.