Long term insurer gets ratings upgrade

Oceanview Holdings, a Bermuda company has had its financial strength rating upgraded to A (Excellent) by AM Best.

Oceanview, parent of Alabama-based Oceanview Life and Annuity Company and Bermuda long-term re/insurer Oceanview Reinsurance, said AM Best assessed Oceanview’s balance sheet as “very strong”. The outlook of the rating was revised to stable from positive.

“We are proud to have achieved this ratings upgrade from AM Best, which is indicative of our robust financial position, continued execution and results,” said William Egan, chairman and chief executive officer of Oceanview Holdings and Oceanview Life.

Andrew Kanelos, executive chairman and chief governance officer of Oceanview Re, added: “This upgrade reflects the Oceanview team’s commitment to providing high-quality services and its disciplined approach to governance and asset/liability management, all of which are fundamental to the strength and stability of our organisations and worthy of strong investment-grade credit ratings.”