AM Best has revised its outlook for FGH Parent, L.P. and its subsidiaries (collectively referred to as Fortitude Re) to stable from negative, while affirming their Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Ratings of “a” (Excellent).
The insurance and reinsurance subsidiaries of FGH Parent, L.P. consist of Fortitude Reinsurance Company Ltd., Fortitude Life Insurance & Annuity Company, and Fortitude International Reinsurance Ltd.
Fortitude Re’s revised outlook reflects the continued stability of its operating results and the strength of its capital position.
AM Best characterised Fortitude Re’s balance sheet strength as very strong, supported by risk-adjusted capitalisation at the strongest level as measured by Best’s Capital Adequacy Ratio (BCAR).
AM Best noted Fortitude Re’s expectation that it will maintain similar levels of capital strength as it executes transactions, supported by the financial flexibility to source additional capital when needed to support its underwriting operations.
Alan Stewart, Managing Director and Group Treasurer of Fortitude Re, said, “The affirmed A (Excellent) rating and revised outlook to stable are meaningful markers of the progress we have made in the consistent execution of our strategy and effective capital management.
“We remain focused on maintaining balance sheet strength at the highest level while thoughtfully growing and diversifying our business, and we are confident this supports the trajectory AM Best has recognised.”
