Barents Re's ratings by A.M. Best remain unchanged after the company's re-domiciling to the Cayman Islands

A.M. Best has commented on 25 July that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" of Barents Re Reinsurance Company, Inc. (Barents Re) remain unchanged following the re-domiciling of Barents Re to the Cayman Islands.

The same goes for Barents Re's subsidiary, Barents Reinsurance S.A. (Barents Re Lux) (Luxembourg), The outlook of these Credit Ratings (ratings) remains stable.

On June 8, 2018, the Cayman Islands Monetary Authority licensed Barents Re as a Class D Insurer, successfully completing the change of domicile from Panama to the Cayman Islands. A.M. Best has determined that the effect of this change does not alter its view of the company's or its subsidiary's ratings.

Earlier, on 6 April, A.M. Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" of Barents Reinsurance S.A. (Barents Re Lux) (Luxembourg). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings were placed under review with negative implications in October 2017 due to significant deviations between the financial forecasts and business plan presented to A.M. Best by Barents Re Lux as part of its initial rating review in November 2016, and those presented in 2017.

The ratings have been removed from under review as A.M. Best has completed its assessment of the impact of the revised forecasts and business plan on Barents Re Lux's rating fundamentals, as well as changes to the level of parental support for the company. In December 2017, Barents Re Reinsurance Company, Inc.(Barents Re Panama) (Panama) provided a guarantee in favour of Barents Re Lux. Barents Re Panama owns 51% of Barents Re Lux's direct parent, BRM Barents SCA (Luxembourg).

The rating affirmations follow the increase in explicit parental support and the subsequent inclusion of Barents Re Lux in the rating unit of Barents Re Panama. Barents Re Lux, which started writing business in 2016, is important to the Barents Re group's strategic plan to grow its European-placed reinsurance business. Explicit support now includes the parental guarantee, as well as significant internal reinsurance support.

The ratings of Barents Re Lux reflect Barents Re Panama's balance sheet strength, which A.M. Best categorises as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

LIVE from Monte Carlo: The 62nd edition of the "Rendez-Vous de Septembre"

The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.

2018-09-13

ICAR 2018 registrations opened; top professionals in the fields of re/insurance, claims adjusting, risks modelling on the speakers list

"Various macro trends keep manifesting themselves: the digital age, longevity, ecological breakdown and increased protectionism are some of the key topics. While these changes can threat an established business model, macro trends can also be used to widen a commercial playground and explore different fields of profit," says Angelika WERNER, Expert Atmospheric Perils, Property Underwriting EMEA, Swiss Re.

2018-09-13

PERILS takes over CRESTA secretariat

PERILS, the independent Zurich-based organization providing industrywide catastrophe insurance data, has announced that it has taken over responsibility for the ongoing management of the CRESTA Secretariat. The Secretariat was previously managed on a rotational basis by Munich Re and Swiss Re.

2018-09-11

ON THE MOVE

TOP EVENT

photodune-3834701-laughing-girl-xs

LIVE from Monte Carlo: The 62nd edition of the "Rendez-Vous de Septembre"

The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.

13.09.2018

Willis Re - Market still soft, but functional

Despite the high losses from 2017 the reinsurance market is still soft, James KENT, Global Chief Executive Officer (CEO) of Willis Re stated at a press briefing in Monte Carlo.

10.09.2018

AIR launches severe thunderstorm model

Catastrophe risk modeling firm AIR Worldwide released a new severe thunderstorm model for Europe. Together with AIR's Extratropical Cyclone Model for Europe and European flood models, this new model now allows for a comprehensive assessment of atmospheric risk in this region.

10.09.2018

See all