Fitch Ratings said Malaysian Reinsurance Bhd (Malaysian Re) remains well-capitalised after it affirmed its insurer financial strength (IFS) rating of ‘A’ (Strong) with a stable outlook. It said the insurer maintains a ratio of net premiums written to the capital of around 1x in the financial year ended March 2022, within the range for its rating category. Fitch Ratings said in a statement that this rating reflects Malaysian Re's very strong capital buffer and sustained financial performance. The agency said that the rating also takes into consideration Malaysian Re’s moderate company profile and challenges in managing potential volatility in underwriting performance, especially in its overseas business. The rating agency said Malaysian Re is further tightening underwriting terms and conditions to become more selective and reviewing its retrocession arrangement to ensure adequate risk protection.