Torreyana Insurance Company’s rating re-accreditation “signals financial strength, discipline and governance to the entire market”, according to the captive insurer’s leader, Brando Soto. AM Best affirmed a financial strength rating of ‘A’ (Excellent) and a long-term issuer credit rating of ‘a’ (Excellent) for Torreyana, which was formed in 2018 and is the Vermont-domiciled captive of Vertex Pharmaceuticals, a US biotechnology company that creates transformative medicines for people with serious diseases, with a focus on specialty markets The rating agency said in its press release that the affirmed ratings reflect Torreyana’s balance sheet strength, which the agency assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). AM Best added: “The very strong balance sheet strength assessment of [Torreyana] is supported by the strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR). [The captive] has a highly liquid investment portfolio that consists predominantly of cash and cash equivalents. In 2025, the company added a loan back to its parent, Vertex Pharmaceuticals Incorporated.” Commenting on the news, Soto, Senior Director of Insurance and Risk Management at Vertex, says: “Maintaining the rating signals financial strength, discipline and governance to the entire market. “It requires us to keep our house in order in a way that satisfies not just our internal auditors, but global benchmarks of insurance excellence. It has completely changed the dialogue; we are no longer viewed through a transactional lens, but as a capital partner.” Torreyana received its first AM Best rating in February 2025. The agency assigned a financial strength rating of ‘A’ (Excellent) and a long-term issuer credit rating of ‘a’ (Excellent) to the captive, finding that it plays “a strategic and critical role” in Vertex’s overall ERM and has a highly-rated and diverse reinsurance panel that is well-equipped to protect its balance sheet. Subscribe to Captive Insurance Times to find out more about Torreyana, Vertex, and Soto’s role in launching and growing a biotech captive in the next edition of the magazine.
