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AM Best Revises Outlooks to Positive for Research Insurance Company Limited

By: via Business Wire

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Research Insurance Company Limited (RICL) (Bermuda). RICL is a captive insurance company wholly owned by Battelle Memorial Institute (BMI), an Ohio-based nonprofit corporation and provider of technology-based research, management, commercialization and educational services to government and industry.

The Credit Ratings (ratings) reflect RICL’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile, appropriate enterprise risk management (ERM) and one notch of rating enhancement that is received from its ultimate parent, BMI.

The positive outlooks are driven by RICL’s favorable results, with five-year average combined and operating ratios and net return on revenue metrics that outperform those of AM Best’s commercial casualty composite. Consistent operating profits have been attributable to favorable underwriting results, and to a greater extent, solid investment income in each of the past five years. RICL’s low loss experience is driven by conservative operations, including management’s disciplined underwriting philosophy and robust claims and risk management practices. Furthermore, RICL’s underwriting performance reflects the inherent benefits of being a captive insurer as it has minimal acquisition costs and administrative expenses, driving its lower-than-average expense ratio.

RICL’s balance sheet strength assessment is underpinned by the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), as well as its conservative investment risk profile and organic surplus growth achieved over the last five years. These factors are offset by the captive’s fluctuating retention relative to its surplus.

AM Best assesses RICL’s business profile as limited, as it writes, mainly on a claims-made basis, products and errors and omissions, umbrella policies for general and employers’ liability, professional liability, including environmental impairment, and property flood deductible buy-down coverage for its parent and affiliated organizations. RICL is an integral component of BMI’s ERM program as it provides specific insurance coverages to BMI, its subsidiaries and affiliates more efficiently than the traditional market. This strategic role, along with RICL’s history in the BMI enterprise, justifies lift from the parent in the ratings as it indicates a committed level of implicit and explicit support, as well as other inherent benefits the captive receives from BMI.

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

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 specializing 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 www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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