The ratings reflect CICA Re's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM). The rating upgrades reflect the strengthening of CICA Re's ERM framework and capabilities over recent years, during which the company carried out a detailed framework review, utilising strengthened internal resources and third-party risk consultants. Following these developments, AM Best considers CICA Re's ERM framework to be evolving, and risk management capabilities to be aligned generally with the profile of its key risks. Nonetheless, AM Best expects ongoing ERM developments, notably as the company further embeds its ERM framework into its decision-making and operations.