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Vantage receives Preliminary Credit Assessment of A- from AM Best

20th October 2020 - Author: Luke Gallin

Vantage Risk Ltd., a newly established insurance and reinsurance business set to launch with Dinos Iordanou as Non-Executive Chairman and Greg Hendrick as CEO, has been assigned Preliminary Credit Assessments (PCAs) by ratings agency A.M. Best.

Specifically, A.M. Best has assigned a PCA with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca, while the outlook assigned to these is stable.

As we wrote previously, Vantage is preparing itself for launch amid improving reinsurance market conditions. As well as launching with Hellman & Friedman (H&F) and The Carlyle Group as capital partners, the re/insurance startup has established an impressive leadership team.

A.M. Best states that the PCAs reflect the company’s balance sheet strength, which it categorises as very strong, alongside Vantage’s adequate operating performance, limited business profile, and appropriate enterprise risk management (ERM).

“The very strong balance sheet assessment is based on a preliminary financing structure that projects supportive risk-adjusted capital that meets AM Best’s guidelines for newly formed organizations,” explains the ratings agency.

Discussing the company’s operating performance, A.M. Best says that this is assessed as adequate based on the “clearly defined business plan that contemplates a level of implementation and execution risk for a newly formed entity.”

Additionally, A.M. Best finds that the management team’s strong experience and track record in the insurance and reinsurance sectors somewhat mitigates the execution risk associated with entering a competitive market environment.

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