AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Labuan Reinsurance (L) Ltd (Labuan Re) (Malaysia).

The Credit Ratings (ratings) have been placed under review with developing implications following the May 19, 2026, announcement that MNRB Holdings Berhad (MNRB) has entered into a conditional share purchase agreement to acquire an 80% equity interest in Labuan Re for a total cash consideration of approximately USD100.69 million (equivalent to RM400.49 million).

Malaysian Reinsurance Berhad (Malaysian Re), MNRB’s wholly owned subsidiary, currently holds a 20% equity stake in Labuan Re. Upon completion of the transaction, Malaysian Re will retain its existing 20% stake, while MNRB will hold the remaining 80%, making Labuan Re a wholly owned subsidiary of MNRB. The transaction is expected to be completed in the fourth quarter of 2026, subject to regulatory approval.

The ratings will remain under review with developing implications pending completion of the transaction and AM Best’s review of Labuan Re’s credit rating fundamentals post-acquisition.

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

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 specialising 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.

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