Newline Europe Versicherung AG, the European insurance hub that Odyssey Group Holdings plans to establish ahead of Brexit, has received a Preliminary Credit Assessment (PCA) from rating agency A.M. Best.
The firm assigned a Financial Strength Assessment of A pca (Excellent) and a Long-Term Issuer Credit Assessment of ‘a+’ pca to Newline Europe.
It also assigned a stable outlook to this PCA, based on the expectation that the subsidiary will qualify to be a member of the Odyssey rating unit.
Newline Europe is due to be established after the necessary regulatory approvals are obtained, and will be based in Cologne, Germany.
The unit will ensure that Odyssey can continue to service insurance policyholders across the EEA and the UK, regardless of the terms of the UK’s exit from the EU.
A.M. Best noted that its ratings reflected the expectation that Newline Europe will benefit from internal reinsurance agreements within the Odyssey group, as well as shares common management and operational capabilities.
The Odyssey group’s ratings reflect its balance sheet strength, which A.M Best categorises as strongest, as well as its solid operating performance, neutral business profile and appropriate enterprise risk management.
