A.M. Best has affirmed the financial strength rating of “B++” (Good) and the issuer credit rating of “bbb+” of Isosceles Insurance. The outlook for both ratings is stable.
The agency stated that the ratings recognise Isosceles’s adequate capitalisation, as well as strict risk and exposure controls in the form of security and indemnification clauses of several agreements between various key parties involved.
A,M Best said: “These agreements significantly isolate Isosceles from liability and insulate each cell from each other and from the general account.”
The ratings further acknowledge the financial and operating strengths of Isosceles’s parent, Jardine Lloyd Thompson Group (JLT).
A.M Best’s ratings also consider the financial wherewithal of each individual part as well as the consolidated accounts, Best’s Capital Adequacy Ratio (BCAR) and the underlying risks that each cell insures.
Additionally, the ratings recognise Isosceles’s ultimate third party reinsurance participation, which is composed of highly rated global reinsurers.
Formed in 1997, Isosceles is a Bermuda licensed insurance company holding a Class 3 insurance license that permits it to issue policies of insurance to related and unrelated parties.
Factors that could influence the ratings of Isosceles include changes in the financial ability of each individual client, its BCAR score and the overall risk profile of each individual cell, including commercial reinsurers’ ratings and the financial wherewithal of JLT and Isosceles.
