The ratings reflect NEWGT’s adequate risk-adjusted capitalization and profitable operating performance. Additionally, A.M. Best recognizes the wide range of support NEWGT receives from its parent company, ITOCHU Corporation (ITOCHU), one of the major Japanese trading companies engaging in a wide range of businesses globally.

NEWGT’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), remains adequate owing to profitable underwriting results and conservative investment strategy. NEWGT has reported strong and stable profitability over the past five years, largely because of its major business line, Itochu-related marine and cargo risks, which also is well-diversified geographically. The company also has been increasing business from third parties, including a quota share reinsurance agreement with a Lloyd’s syndicate. Offsetting factors include NEWGT’s relatively limited scope of business and operations and ITOCHU’s credit risk profile.

NEWGT is well-positioned at its current rating level. Negative rating actions could occur if the company’s adequate risk-adjusted capitalization is negatively affected by any deterioration in its operating performance. Downward rating pressure could also arise from a material deterioration in ITOCHU’s credit risk profile.

Ratings are communicated to rated entities prior to publication, and unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to rating(s) that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.