AM Best has affirmed the ratings of two Belgian mutual insurers specializing in nuclear risks. Emani (European Mutual Association for Nuclear Insurance) holds a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a”. ELINI (European Liability Insurance for the Nuclear Industry) holds A- and “a-“, respectively. The outlook is stable in both cases. The announcements were made on October 14, 2025.
Emani writes property and terrorism cover for nuclear installations. According to AM Best, it holds a competitive market position in the European nuclear insurance sector and provides capacity to more than a third of the world’s nuclear operators. Its five-year weighted average combined ratio, through 2024, stands at 34.9%. That is a low figure, indicating limited claims relative to premiums collected.
ELINI, by contrast, provides third-party liability cover for nuclear operators. Its profile is still developing: between 2020 and 2024 the compound annual growth rate averaged 19.6%, starting from a small base and driven by demand from new and existing members. Its five-year combined ratio, also through 2024, is 27.6%. The agency expects strong operating results in line with historical levels, absent a major nuclear liability loss.
The ratings rest on balance sheet strength that AM Best assesses as very strong, good operating performance and appropriate enterprise risk management. Risk-adjusted capitalization is at the highest level of the BCAR scale. Both mutuals can also call on additional capital from their members. Emani can levy a retroactive premium equal to six times each member’s annual contribution, a mechanism that would allow it to rebuild capital quickly.
Two factors remain that the agency views as partially offsetting: the narrow specialization and the high-risk nature of the business. Emani also depends on reinsurance to offer high gross limits. On the positive side, the market backdrop helps: AM Best expects demand for nuclear coverage to remain strong over the medium term.
For developers of new plants and small modular reactors, the stability of these insurers is a practical necessity. Operators need highly rated partners to secure adequate coverage. If demand keeps growing as ELINI’s figures suggest, European mutuals will need to expand the capacity they make available.
