SEPTEMBER 03, 2015
A.M. Best has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit rating to “a” from “a-” of Barents Re Reinsurance Company Inc. (Barents Re) (Panama City, Panama). The outlook for both ratings was revised to stable from positive.
The upgrade reflects Barents Re’s strong operating performance registered as the company achieved its geographic diversification goals and maintained conservative retention levels supported by a solid retrocession program. In addition, the company has been able to grow its capital base through substantial capital contributions from its holding company during the past two years and through good profitability levels. As a result, Barents Re has attained outstanding risk-adjusted capitalization levels, according to Best’s Capital Adequacy Ratio (BCAR).