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AM Best Affirms Credit Ratings of North End Re Ltd.
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OLDWICK, N.J.--(BUSINESS WIRE)--
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) of North End Re Ltd. (Bermuda). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect North End Re Ltd.’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The ratings also reflect North End Re Ltd.’s plan of maintaining strong risk-adjusted capital levels, as measured by Best’s Capital Adequacy Ratio (BCAR), as the company ramps up operations in the coming years. The company expects to use external and internal revolving lines of credit to maintain these levels and to provide substantial liquidity. North End Re Ltd. closed one transaction in third-quarter 2021, reinsuring $1.6 billion of fixed deferred annuities.
North End Re Ltd.’s parent, Brookfield Reinsurance Ltd. (Brookfield Reinsurance), is a publicly traded reinsurance company focused on providing capital-based solutions to insurance companies. Brookfield Reinsurance seeks capital-intensive business to leverage its asset management and sourcing capabilities. Brookfield Reinsurance recently acquired American National Group, Inc. [NASDAQ: ANAT] in an all-cash transaction valued at approximately $5.1 billion. North End Re Ltd. geographically complements its sister company, North End Re (Cayman) SPC, which is also in its first full year of establishing reinsurance operations. The company has another sister company, Brookfield Annuity Company, that provides pension risk transfer solutions in Canada.
Slightly offsetting these favorable attributes of North End Re Ltd. and its greater organization are the high level of competition and the temporary realized investment losses caused by rising interest rates. AM Best notes that the company was quick in establishing itself in the market, showing early success against competitors; rising interest rates will be a favorable factor for the company over the longer term.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
American National is a family of companies. American National Insurance Company, founded in 1905 and headquartered in Galveston, Texas, and other American National subsidiaries offer a broad portfolio of products and services, which include life insurance, annuities, property and casualty insurance, health insurance, credit insurance, and pension products. The American National companies operate in all 50 states. American National established a dedicated property and casualty division in 1973 with American National Property And Casualty Company, Springfield, MO. This company serves 38 states not including NY. To better serve the unique insurance needs of the agricultural market, American National acquired the Farm Family group of insurance companies based in NY in 2001