AM Best PCA puts Beazley Bermuda Insurance on solid footing

AM Best has assigned a preliminary credit assessment (PCA) to Beazley Bermuda Insurance, the group’s newest Bermuda platform and entry into the ILS and captive alternative risk transfer space, which is expected to write up to $400 million in premium.

AM Best has assigned a Financial Strength Assessment of A pca (Excellent) and a Long-Term Issuer Credit Assessment of “a+” pca (Excellent). The outlook assigned to the PCA is stable.

The PCA reflects Beazley Bermuda Insurance’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The PCA also factors in lift from Beazley Bermuda Insurance’s ultimate parent, Beazley.

Beazley Bermuda Insurance’s balance sheet strength is underpinned by its risk-adjusted capitalisation, supported by a large capital base of $531 million at the start of 2026.

Beazley Bermuda Insurance is expected to achieve an adequate operating performance assessment over the medium term, supported by profitable, albeit potentially somewhat volatile, underwriting results despite the softening pricing environment. Investment income is expected to contribute meaningfully to Beazley Bermuda Insurance’s overall earnings, particularly in the initial years of business.

Beazley has a well-established profile, with a strong franchise as an internationally recognised insurance group operating principally at Lloyd’s. Beazley Bermuda Insurance will enable the group to widen its footprint and gain access to Bermuda’s reinsurance market. The company’s portfolio is expected to complement that of Beazley and provide additional diversification over the long term.

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