PRESS RELEASE | PolicyStreet Group

RAM Ratings Upgrades LECA Rating of Polisea Labuan Ltd to “a+”

18 Dec 2025

Polisea Labuan is PolicyStreet's reinsurance arm which enables the homegrown insurtech company to co-develop and introduce new-to-market insurance solutions.

KUALA LUMPUR, 18 DECEMBER 2025 — RAM Ratings has upgraded the LECA rating of Polisea Labuan Ltd (Polisea Labuan or the Reinsurer) to “a+”. This is a relative ranking at the higher end of the “a” rating, which indicates adequate capacity to meet policyholder obligations and financial commitments.

The rating upgrade reflects demonstrated improvements in the Reinsurer’s business traction, accompanied by sustained profitability in a niche of high frequency but low severity risks. The Reinsurer’s rating remains in the “a” category on consideration of its gestation phase and a potential uptick in claims and reserving requirements as underwriting expands.

Polisea Labuan, a licensed general (re)insurer in Labuan IBFC is the reinsurance arm of a group of companies that operate under the PolicyStreet brand (the Group). Its priority is to provide coverage for niche high frequency but low severity risks within the Group’s insurance ecosystem which includes brokerage, advisory, insurtech infrastructure, underwriting and operations support.

Healthy claims performance has accompanied an expanding network of partnerships, which include platforms for e-commerce, travel, foreign worker recruitment and a major telco in Malaysia. Performance is expected to be sustained in FY25 as the full-year impact of recent distribution partnerships is recognised.

Liquidity and capital levels provide buffer for fluctuations in underwriting performance. These remain strong, supported by accretion of earnings. On balance, the ratings also consider potentially higher claims from new business lines which include foreign worker medical insurance and motor insurance in Vietnam, as well as facultative risk retention for fire policies of a Vietnamese automotive manufacturer.

For context and understanding of the contents in this media release, we advise reviewing the LECA report, which can be obtained from the rated entity. LECA is an assessment service from RAM Rating Services Berhad for companies based in Labuan IBFC. LECA ratings are typically valid for up to 1 year after they are assigned. The rating could be updated or changed upon the availability of material information, or in the event of material developments or changes in circumstances.

For more information, visit https://analytics.ram.com.my/LECARating.