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18th of May 2012

Nissan’s captive A rating affirmed

Matthew Broomfield 12/10/2011

Nissan’s captive has had affirmed its financial strength rating of A- (excellent) and issuer credit rating of “a-”. The outlook for both ratings is stable.

Bermuda-domiciled Nissan Global Reinsurance (NGRe) is a single parent captive of Nissan, the seventh-largest automaker in the world and third-largest in Japan. It operates global property/casualty programs for Nissan, which include global property, US workers’ compensation, US and Japan product liability and marine transport. It also operates a global platform for extended service contract business.

The ratings reflect NGRe’s strong capitalisation and conservative operating strategy, said AM Best. The ratings also consider the company’s critical role and favourable profile as part of the Nissan Motor Co., as well as its excellent operating performance, since its inception in 2005, said the rating agency.

However, partially offsetting these positive rating factors are the significant exposures NGRe has to product liability, property and marine cargo claims.

The captive operates at conservative underwriting leverage levels, said AM Best. However, it provides coverages with large limits as such its gross exposures per loss occurrence are therefore elevated. Despite this AM Best recognises the quality of the substantial financial resources and support available to the captive.

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