Published on 14 Oct 2024.
RAM Ratings has affirmed the LECA™ rating of “LECA1” for Brighton Management Limited (BML or the Company), a licensed insurance manager and underwriting manager in Labuan International Business and Financial Centre (Labuan IBFC). The rating - the highest on a scale of six grades - indicates excellent capacity and competence in fulfilling performance obligations.
The rating continues to reflect favourable assessments of BML’s operating record, staffing, management and financial standing. Meanwhile, the Company’s business infrastructure and risk management practices are adequate.
Established in 2005, BML has served Labuan IBFC insurance and insurance-related entities for almost two decades. It provides a range of corporate services including underwriting management and claims handling, as well as administrative and audit services. BML’s clientele spans about 40% of insurance and related entities in the jurisdiction, making it the largest among domestic and foreign insurance managers and/or underwriting managers.
BML is led by an experienced management team with at least two decades of experience in the finance, insurance and/or audit fields, whilst operations are supported by 77 adequately qualified staff (up from a year earlier). BML is profitable, with revenue and pre-tax margin in 2023 staying comparable to the previous 4-year average (2019-2022). Liquidity also stayed robust; its cash reserves as at end-2023 were sufficient to support over a year of operations.
LECA™ is an assessment service from RAM Rating Services Berhad for companies based in Labuan IBFC. LECA™ ratings are typically valid for up to one year after they are assigned. During this time, the assessment will be monitored by RAM Ratings and any material developments could change the rating assigned.
For information on LECA™ ratings assigned, visit https://analytics.ram.com.my/LECARating
Analytical contact
Nigel Asirraj
(603) 3385 2537
nigel@ram.com.my
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