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AM Best Withdraws Credit Ratings of Relyens Mutual Insurance

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Relyens Mutual Insurance (Relyens) (France). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.

The ratings reflect Relyens’ 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.

Relyens’ balance sheet strength is underpinned by its risk-adjusted capitalisation, which is at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company benefits from a liquid investment portfolio composed of high-quality assets and its history of prudent reserving. Offsetting factors in the balance sheet strength assessment include a high dependence on reinsurance. However, Relyens’ long-standing relationship with its high-quality reinsurance panel somewhat mitigates the risks associated with this dependence.

Relyens’ adequate operating performance assessment is supported by an average return-on-equity ratio of 3.9% for the five-year period ending in 2022, as calculated by AM Best. In 2022, the company reported a net profit of EUR 27.0 million (2021: EUR 30.7 million profit). In recent years, positive non-technical results have offset negative technical results. The combined ratio averaged 111.2% for the five-year period ending in 2022, in part reflect conservative provisioning practices.

Relyens’ neutral business profile assessment is supported by its established position in the medical professional liability insurance (MPLI) markets of France, Italy and Spain. Since 2016, the company has expanded beyond France into Spain, Italy, Germany and the Benelux region; international operations now account for over half of the company’s gross written premium. In 2018, the company rebranded as Relyens to reflect its new profile. Concurrent with its geographic expansion, Relyens has made sustained investments in ancillary risk management services for members, which is expected to diversify its profile further. While the net contribution of these services remains a smaller part of the company’s profile, it is expected to grow through the medium term. The company’s concentration to MPLI risk remains an offsetting factor in the assessment.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit

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

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


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