AMSTERDAM–(BUSINESS WIRE)–AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Barents Reinsurance S.A. (Barents Re Lux) (Luxembourg) both with negative outlooks remain unchanged following the company’s announcement of its plans to relocate Barents Re Lux to the United Kingdom (UK).
The planned relocation involves establishing a new licensed reinsurance carrier domiciled in the UK, which will acquire all of the assets and liabilities of Barents Re Lux pursuant to a merger by absorption and a portfolio transfer. Management expects to complete the transactions by year-end 2020.
AM Best notes that Barents Re Lux benefits from ongoing implicit and explicit support from the parent, Barents Re Reinsurance Company, Inc., which will be enhanced further by the addition of a whole account stop-loss agreement to protect the company’s operating performance until the merger is complete.
AM Best believes that there is significant execution risk and will closely monitor the progression of the transactions.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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