Reinsurance News

AM Best assigns positive credit ratings to Fortitude Re

11th March 2022 - Author: Katie Baker

Rating agency AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) to Fortitude Reinsurance Company, and also assigned an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent) to Fortitude International Reinsurance Ltd. (FIRL).

The outlook of these Credit Ratings is stable, with the rating agency having assigned the reinsurer an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent).

The outlook assigned to these ratings is stable.

The ratings reflect Fortitude Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The assigned ratings of FIRL reflect its strategic importance to the greater Fortitude Re operations.

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FIRL will support the group’s ongoing international expansion, and its ratings benefit from both implicit and explicit support from the group’s parent holding company, FGH Parent.

This news follows the formation of its new Bermuda multi-line reinsurer and the acquisition of a U.S. life insurer, as its subsidiary obtains Reciprocal Jurisdiction Reinsurer status.

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