AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating 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, limited business profile, appropriate enterprise risk management, and support from the parent organization, Brookfield Wealth Solutions Ltd. (BWS).
The company's risk-adjusted capitalization is assessed at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), although some volatility in balance sheet strength metrics is expected over the near term as more business is assumed. As operations increase in scale, the company also is expected to utilize available internal and external revolving lines of credit to provide liquidity and maintain capital levels. To date, North End Re Ltd. has closed one transaction in third-quarter 2021, reinsuring $1.6 billion of fixed deferred annuities. The company is planning to assume annuity-type business from European and/or other Asian markets over the near term.
North End Re Ltd.'s parent, BWS, is a publicly traded company ([NYSE, TSX:BNT), which is focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions. The parent provided the initial capitalization of North End Re Ltd. in 2021 to complete its first reinsurance transaction, and continues to provide ongoing operational support.
Offsetting the favorable attributes of North End Re Ltd. is the lack of new transactions over the last four years, which has exemplified the competitive space the company operates in. AM Best notes that the company was initially quick in establishing itself, showing early success against competitors and does not compromise on underwriting standards to acquire new business.
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.
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Kevin Varvaro
Senior Financial Analyst
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