AM Best downgrades Suez Canal Insurance's rating outlook

AM Best has affirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of bb- of Suez Canal Insurance (SCI). Yet, it has revised downwards the outlook of these ratings from stable to negative.

This decision is accountd for by the pressure on the strength of SCI's balance sheet and operating performance.

The company's portfolio has been slightly loss-making over the past five years. The average combined ratio over the period 2018-2022 is 103.9%.