HONG KONG, May 30, 2025—AM Best announced today that it has affirmed the Financial Strength Rating of “A-“ (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of FuSure Reinsurance Company Limited (FuSure) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.
AM Best stated that the ratings reflect FuSure’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the implicit and explicit support from its ultimate parent, Tencent Holdings Limited (Tencent), including capital, business development, investment, risk management and operational support.
AM Best indicated that in 2025, FuSure obtained its composite reinsurance license authorization from the Hong Kong Insurance Authority, expanding its business scope and enabling gradual diversification in products and business areas. Shareholders completed a third round of capital injection, and AM Best expects FuSure’s risk-adjusted capitalisation to remain at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supporting the company’s long-term business development. Furthermore, prudent investment strategies and high-quality retrocession arrangements have strengthened capital resilience. FuSure has achieved net profit since 2022, delivering a return on equity (ROE) of 5.5% in 2024. The company targets maintaining mid-single-digit ROE with double-digit annual net premium written growth in the projection period (2025 to 2028).
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