Resilient operating performance, neutral business profile, and effective risk management

MEXICO CITY, December 15, 2023

AM Best has affirmed the stable outlook and the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) for Barents Re Reinsurance Company, Inc. (Barents Re) (Cayman Islands) and its affiliate, Barents Reinsurance S.A. (Barents Re Lux) (Luxembourg) in 2023.

The Credit Ratings (ratings) continue to reflect Barents Re’s robust balance sheet strength, assessed as strongest by AM Best, along with its resilient operating performance, neutral business profile, and effective enterprise risk management.

The ongoing stability in outlooks signals the sustained positive trend in Barents Re’s operating performance metrics and the enhanced corporate governance framework. While the outlook remains stable, it’s imperative for the successful execution of strategic plans, as any failure in this regard could lead to potential negative rating actions.

The rating affirmations reflect Barents Re’s consistently strong risk-adjusted capitalization, measured by Best’s Capital Adequacy Ratio (BCAR), and its geographical diversification. Ratings are influenced by the dynamic regional composition of Barents Re’s portfolio, introducing an element of uncertainty regarding its impact on the company’s profitability levels.

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AM Best Press release – Spanish version

AM Best Press release – English version