A.M Best has affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit rating (ICR) of “a” to Caymen Islands based, Greenlight Reinsurance (Greenlight Re).
The ratings firm has also awarded the FSR of A- (Excellent) and ICR of “a-” to Greenlight Reinsurance’s affiliate, Greenlight Reinsurance Ireland.
Concurrently, A.M. Best has affirmed the ICR of “bbb” to Greenlight Reinsurance’s holding company, Greenlight Capital Re. The outlook for all ratings remains stable.
Greenlight Re operates as a Cayman Islands-based broker market reinsurer writing a combination of property, casualty and specialty reinsurance business.
Best stated the ratings of Greenlight Re reflect its excellent risk-adjusted capitalisation, experienced management team and the disciplined implementation of its overall business strategy. The ratings also recognise the company’s enterprise risk management as it aggressively manages risk on both sides of the balance sheet.
The ratings are partially offset by: “the challenges Greenlight Re faces writing profitable business in a market with increased capacity and further competition from new reinsurance companies with a similar alternative investment strategy,” said A.M Best.
