AM Best affirms Fortitude’s rating
AM Best has affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” (Excellent) of Bermudian-domiciled Fortitude Reinsurance Company Ltd.
The outlook of these credit ratings is stable.
Concurrently, AM Best said, it has assigned an FSR of A (Excellent) and a long-term ICR of “a” (Excellent) to Fortitude International Reinsurance Ltd, which is also domiciled on the island.
The outlook assigned to these ratings is stable.
The agency said the ratings reflect Fortitude Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The assigned ratings of FIRL reflect its strategic importance to the greater Fortitude Re operations. FIRL will support the group’s ongoing international expansion, and its ratings benefit from both implicit and explicit support from the group’s parent holding company, FGH Parent, LP, the agency said.