Strong operating performance Strong capitalization Strong competitive position in domestic markets Heavy reliance on reinsurance and follower status in international business Financial management still focused on earnings The rating on Belgium-based aviation insurer Aviabel Cie. Belge d'Assurances Aviation S.A. (Aviabel) reflects its strong operating performance, strong capitalization, and strong competitive position in its home niche markets. Offsetting these positive factors are the company's reliance on reinsurance and financial management that is still focused only on earnings. Operating performance is strong, due to sound risk selection and a balanced business mix. Aviabel's net combined ratio averaged a robust 78% over 2003-2007, thanks to a domestic business mix that includes the least volatile aviation risks. International activities boost profitability because of their...
Companies mentioned in this report are:
- Aviabel Cie. Belge d'Assurances Aviation S.A.
- Secura N.V.
- AG Insurance
- Delta Lloyd Schadeverzekering N.V.
- Belfius Bank SA/NV
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Research Type: Full Analysis