AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Barents Re Reinsurance Company, Inc. (Barents Re) (Cayman Islands) and its affiliate, Barents Reinsurance S.A. (Barents Re Lux) (Luxembourg). The outlook of these Credit Ratings (ratings) is negative.
The ratings reflect Barents Re’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The ratings of Barents Re Lux reflect its strategic importance to and the support it receives from Barents Re. Barents Re Lux is part of the Barents Re rating unit, and it is fundamental to the group’s overall strategy. Barents Re provides a parental guarantee and reinsurance support to Barents Re Lux. As of 2020, Barents Re has taken action to relocate Barents Lux to the United Kingdom. The planned relocation involves establishing a new licensed reinsurance carrier domiciled in the United Kingdom, which will acquire all of the assets and liabilities of Barents Re Lux pursuant to a merger by absorption and a portfolio transfer.
Barents RE has been named a 2020 Global Excellence Awards Winner in the Best Independent Reinsurance Group, Spain category, by UK publisher Acquisitional International.
Acquisition International commented :
“The Global Excellence Awards recognize and reward the firms and individuals who commitment to sustained outstanding performance has seen then leading the way, not only in their sector or industry, but across the entire global corporate spectrum.”
Barents Re hosted its annual cocktail party to celebrate The Miami Reinsurance Week at the W Hotel’s ADDiKT Restaurant/Bar. Guests from the Latin American and European markets gathered to enjoy one of the most important weeks of the year for the industry and interact with the local and international in/reinsurance players.