AM Best rates North End Re
AM Best has assigned a financial strength rating of A- (Excellent) and a long-term issuer credit rating of “a-” (Excellent) to North End Re Bermuda. It also assigned a stable outlook to the reinsurer’s ratings.
The newly launched reinsurance subsidiary of Canadian alternative asset manager Brookfield Asset Management Reinsurance Partners (BAM Re) has a strong balance sheet and an “adequate operating performance, neutral business profile and appropriate enterprise risk management”, the rating agency said.
It added: “The ratings also reflect North End Re Ltd.’s plan of making a significant capital investment to keep an appropriate level of risk-adjusted capital, as measured by Best’s Capital Adequacy Ratio (BCAR), and regulatory risk-adjusted capital. The company expects to use external and internal revolving lines of credit. North End Re Ltd. has recently closed one transaction, reinsuring $1.6 billion of fixed deferred annuities.”
North End Re gained regulatory approval to operate in Bermuda in May, providing capital-based solutions to insurance and reinsurance companies and their stakeholders.
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