Oceanview Re, a recently established life reinsurer based in Bermuda, and its affiliate, Oceanview Life and Annuity Company, have received an A- (Excellent) Financial Strength Rating and an ‘a-‘ Long-Term Issuer Credit Rating from AM Best.
The rating agency assigned a stable outlook to these ratings, noting the strong balance sheet strength of both companies, as well as their adequate operating performance, neutral business profile, and appropriate enterprise risk management (ERM).
Oceanview Re is led by President and CEO Alberto Autmezguine, who previously served as Head of Annuities Valuation at Prudential Financial in the U.S. Prior to this, he was SVP and Chief Actuary at ACE Tempest Life Reinsurance in Bermuda
Also comprising the executive team are Vice President and Chief Actuary Pierangelo Falcucci, and Chief Financial Officer Lynn Superina.
Falcucci was previously Vice President and Investment Actuary for ReAssure Life Limited, a division of Swiss Re, while Superina was Chief Financial Officer at Northstar Financial Services (Bermuda) Ltd.
AM Best explained that its ratings for Oceanview Re are anchored in the strength and quality of its balance sheet and overall liquidity sources.
As a new company formation, AM Best requires a level of conservatism to be built into initial capital levels, and noted that both Oceanview Re and Oceanview Life each had around $100 million of initial capital from day one.
Further supporting the balance sheet assessments is the equity capital committed to the ownership structure, analysts said, which totals $1 billion.
Finally, the ratings are supported by additional capital and liquidity alternatives available to the company.
Partially offsetting these positives is the concentrated asset allocation strategy and competitive product space in which Oceanview Life will be competing.
