AM Best has assigned a financial strength rating (FSR) of A- (Excellent) and an issuer credit rating (ICR) of “a-” to Asia Capital Reinsurance Group. The outlook on both ratings is stable.

ACR will operate as a Singapore-based reinsurance company focused on Asian risk. The company will write facultative business as well as treaty business and will be capitalised with $565 million in common equity.

The assumptions used in the business plan do not deviate from the Asian market average, and the business plan anticipates a controlled rate of premium growth with underwriting leverage well below 1x.