Credit rating agency AM Best has upgraded Worldwide Re’s Financial Strength Rating (FSR) to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” (Good) from “bbb-” (Good).
Concurrently, AM Best has revised the Trinidad and Tobago reinsurer’s FSR outlook to stable from positive, while the outlook of the Long-Term ICR is positive.
According to the rating agency, the assigned ratings reflect Worldwide Re’s balance sheet strength, which it assessed as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The upgrades also reflect the reinsurer’s improved ERM profile through established corporate governance capabilities and its nonproportional retrocession structure.
Additionally, the positive outlook for the Long-Term ICR is driven by the company’s capability to sustain a consistently strong operating performance, which supports its expanding capital base and fuels its global growth initiatives.
Having launched operations in 2013, Worldwide Re provides reinsurance capacity for property, marine and liability lines of business across Europe and Asia, where the majority of its business is located, along with Oceania, Central America, South America and the Caribbean.
Worldwide Re operates through a network of brokers, intermediaries and managing general agents.
Worldwide Re’s solid capital management, geographically diversified premiums, and sustained underwriting quality and profitability are also reflected in the ratings.
However, AM Best noted that these positive rating factors are partially offset by a highly competitive landscape in its target geographic markets alongside a challenging economic environment.
The company’s capital base has grown consistently over time through reinvestment of earnings, reflecting a compound annual growth rate of 21.7% as of 2025, mainly driven by sound underwriting practices.
In 2025, Worldwide Re achieved a 71.9% combined ratio and a 49% return on equity, driven by top-line growth, controlled expenses, and excess reserve releases. AM Best expects that lowering risk retention, expanding geographically, and using a solid reinsurance panel will help future acquisition expenses offset claim deviations.
While financial income aids results, the company does not depend on it for a positive bottom line. Additionally, Worldwide Re regularly reviews its underwriting guidelines to improve underperforming business segments.
AM Best warned that positive rating actions could occur if the company is able to maintain a favourable trend in underwriting performance, while maintaining its current level of risk-adjusted capitalization.
Negative rating actions could occur if Worldwide Re’s operating performance deteriorates to a level no longer supportive of the ratings.
