S&P Global assigns rating to Bermuda’s Cavello Bay Re
S&P Global Ratings has assigned an Insurer Financial Strength Rating of “A” with stable outlook to Bermudian-based Cavello Bay Reinsurance Ltd, the wholly-owned subsidiary of Enstar Group Ltd.
The parent company said Cavello Bay is Enstar’s primary non-life run-off consolidator, and a Class 3B reinsurer.
On issuing its rating, the company said, S&P highlighted Enstar’s competitive position as a “leader in the global non-life run-off market”, noting that it considers Enstar’s claims management capabilities to be “excellent”, as well as its expectation that Enstar will “continue executing large legacy transactions”.
Matthew Kirk, Enstar’s chief financial officer, said: “The S&P Insurer Financial Strength Rating is further confirmation of our strong capital position.
“The ‘A’ rating for Cavello Bay, our primary Bermuda reinsurer, recognises the resilience of our business model and will provide additional flexibility to structure legacy transactions in the future.”
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