AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Motors Insurance Company Limited (MICL) (United Kingdom). The outlook of these Credit Ratings (ratings) is stable. MICL is a wholly owned subsidiary of AmTrust International Insurance, Ltd., which is a member of the AmTrust Group.

The ratings reflect MICL’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

MICL’s balance sheet strength is underpinned by its risk-adjusted capitalisation comfortably at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), and is supported by prudent reserving practices and a low-risk investment portfolio. Over the medium term, AM Best expects the buffers in the company’s risk-adjusted capitalisation in excess of the strongest threshold to reduce moderately as the company is likely to continue to upstream excess capital to the group through a series of dividend payouts. The company’s moderate dependence on reinsurance and concentration to one reinsurance counterparty is mitigated partially by that counterparty’s excellent credit quality.

MICL has a track record of strong operating performance, with a five-year (2021-2025) weighted average return-on-equity ratio of 11.5%. The company’s earnings are underpinned by solid underwriting profits over the cycle, demonstrated by a five-year weighted average combined ratio of 91.6%, as calculated by AM Best. Underwriting profitability is supported by prudent pricing and profit-sharing arrangements with motor manufacturers. In addition, the company’s overall earnings are supported by modest investment returns from its conservative asset allocation.

MICL provides auto warranty and auto add-on policies, primarily distributed by retail intermediaries. The company has a well-established competitive position in the auto warranty market in the UK, which generates the majority of its revenue. AM Best expects the company’s book of business to remain relatively stable.

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