AM Best has revised Somerset Reinsurance’s outlooks to positive from stable and affirmed its financial strength rating of A- (excellent).
AM Best said it expects Somerset Re’s balance sheet strength will continue to improve, with its risk-adjusted capitalisation expected to remain at the strongest level.
Somerset Re’s liquidity is assessed as more than adequate to fund anticipated short-term obligations of the current blocks of business on its balance sheet. AM Best noted the reinsurer has enhanced its position in the markets it operates in, having executed several reinsurance agreements with known rated insurers.
“Experience-related metrics are showing strong evidence of prudent pricing and investment management discipline,” AM Best concluded.
AM Best, Somerset Reinsurance, Ratings