AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of MSIG Europe SE (MSIG Europe) (Belgium). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect MSIG Europe’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. In addition, MSIG Europe’s ratings benefit from lift due to the support of its ultimate parent, MS&AD Insurance Group Holdings, Inc. (MS&AD).

AM Best expects MSIG Europe’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), to remain at least at the very strong level prospectively. The balance sheet strength assessment also factors in the company’s conservative investments and strong liquidity profile. A partly offsetting rating factor is MSIG Europe’s moderate dependence on reinsurance. However, the associated credit risk is mitigated by the use of a financially strong and diverse reinsurance panel.

MSIG Europe has achieved robust underwriting results over recent years supported by disciplined underwriting and rate increases. The company’s combined ratio stood at 94% in 2024 (2023: 98%), the most recent years for which audited accounts are available; AM Best expects the 2025 combined ratio to be in line with the prior year.

MSIG Europe is a mid-tier commercial specialty carrier, covering a diversified book of European property/casualty and marine business. The company has a recognised brand and a market position that is supported by its association with MS&AD. The carrier also benefits from good market expertise and a strong position in a number of niche markets. MSIG Europe’s ratings also consider its strategic importance to MS&AD as the group’s vehicle to write primary business in continental Europe.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507136253/en/

Valentine Gu, AAG
Associate Financial Analyst
+31 20 308 5421
valentine.gu@ambest.com

Dr. Mathilde Jakobsen
Senior Director, Analytics
+31 20 808 3118
mathilde.jakobsen@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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