AM Best Affirms Credit Ratings of Barents Re Reinsurance Company, Inc. and Its Affiliate

MEXICO CITY, December 15, 2022

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Barents Re Reinsurance Company, Inc. (Barents Re) (Cayman Islands) and its affiliate, Barents Reinsurance S.A. (Barents Re Lux) (Luxembourg).

The Credit Ratings (ratings) reflect Barents Re’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

The revised outlooks reflect the reversion of the negative trend in Barents Re’s operating performance metrics, as well as the improvement in the company’s corporate governance framework. While stability is expected, failure to execute strategic plans successfully is likely to result in negative rating actions.

The rating affirmations reflect Barents Re’s risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), and geographical diversification. Limiting the ratings is the constantly shifting regional composition of Barents Re’s portfolio and the uncertainty regarding the impact on the company’s level of profitability.

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AM Best Press release – Spanish version

AM Best Press release – English version