AM Best confirms credit ratings from the European Nuclear Insurance Mutual Association

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AM Best confirmed the financial strength rating of A (Excellent) and the issuer’s long-term credit rating of “a” (Excellent) from the European Nuclear Insurance Mutual Association (Emani) (Belgium). The outlook for these Credit Ratings (ratings) is stable.

The ratings reflect the strength of Emani’s balance sheet, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate management of business risks.

The strength of Emani’s balance sheet is underpinned by a risk-adjusted capitalization at the highest level, as measured by Best’s capital adequacy ratio (BCAR), taking into account the financial flexibility of the mutual supported by its ability to make an additional capital call to its members. In the unlikely event of a total limit loss, there would be a significant depletion of capital due to the large net size of the line offered by Emani to its members relative to its capital base. However, AM Best believes that the mutual’s contractual right to call retroactive premium for six times each member’s annualized premium contribution will allow it to quickly replenish its capital base. AM Best considers the mutual’s reliance on reinsurance to provide significant gross line size to be an offsetting factor in the valuation.

Emani has a track record of strong underwriting performance, demonstrated by an average loss ratio of 24.1% over the five-year period ending in 2021. AM Best expects Emani’s forward-looking performance to be in line at historical norms, although subject to volatility, in line with a claims profile dominated by an infrequent number of low to medium claims.

Emani has an established position in the nuclear power industry, underwriting property and terrorism coverage for nuclear facilities. The mutual provides capacity to more than a third of the nuclear operators in the world, which gives it a leading role in its market. Emani’s position benefits from favorable market conditions, with demand for nuclear coverage expected to remain strong in the medium term. The narrow focus of the mutual and the high risk nature of the business written are considered offsetting factors in the valuation.

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 relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Assessment Activity Web page. For more information on the use and limitations of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s Credit Scores, Best’s Performance Ratings, Best’s Preliminary Credit Ratings, and AM Best’s press releases, please see Guide to Proper Use of Best’s Ratings and Reviews.

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

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Giannina Carbajal Ortiz

Financial Analyst

+31 30 308 5428

[email protected]

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200 ext. 5159

[email protected]

Pierre Tournier, FSA, CFA, CERA

Associate Director

+31 20 308 5423

[email protected]

Al Slavin

Communications Specialist

+1 908 439 2200 ext. 5098

[email protected]

Source: AM Best

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