AM Best has affirmed the financial strength rating of Bermuda-domiciled, Arden Re and the issuer credit rating of its parent company, Arden Holdings.
Arden Re’s financial strength rating has been affirmed at A- (Excellent) and its issuer credit rating at “a-”, while its parent, Arden Holding’s issuer credit rating has been affirmed at “bbb-“.
Despite the sale of its insurance and reinsurance business to Goldman Sachs and of its Zurich-based credit and surety business to Arch Capital, AM Best indicated that Arden’s ability to assume business underwritten by its Lloyd’s syndicate, Atrium on a quota share basis remained attractive.
That business, coupled with a “strong level of risk-adjusted capitalisation, favourable operating performance and solid enterprise risk management capabilities” had led to the affirmation. AM Best said that the rating outlook for Arden was stable.
Arden Re, Arden Holdings, AM Best, rating