Global Atlantic financial strength rating affirmed

Long term re/insurer Global Atlantic Financial Group, which has its parent company in Bermuda, has had its financial strength rating of A (Excellent) affirmed by AM Best. The outlook is stable.

Global Atlantic, which is owned by global investment company KKR, operates Global Atlantic Re and Global Atlantic Assurance in Bermuda, and recently signed an agreement to reinsure $19.2 billion of MetLife annuity and life policies.

AM Best said the rating reflected Global Atlantic’s balance sheet strength, which AM Best assessed as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

“Global Atlantic’s profitability continues to be positive and supportive of its ratings as previous risk reduction strategies have enabled the group to execute on its current growth objectives,” AM Best said. “The group’s ERM is in line with the scope of operations and supports an appropriate asset liability matching programme at the current time.”