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The agency’s comments follow the company’s fiscal year 2024 earnings release

The Florida-based company is led by Bermuda market veteran Stephen Weinstein

The outlook of the ratings is negative, reflecting the execution risks associated with the group’s projections as presented to AM Best

Rating agency expects deteriorating underwriting results this year, but ratings should not be affected because of strong capital levels

The agency said the ratings reflect a deterioration in the company’s balance sheet strength fundamentals

The agency’s gradings include Bermudian-based Starr Insurance and Reinsurance Ltd

Agency says the rating outlook for the companies is stable

AM Best said the group is geographically well-diversified, with insurance operations in the Middle East and multi-channel international platforms under the Antares Global brand

Agency’s gradings include Bermudian-based RGA Americas Reinsurance Company Ltd

Arizona company has entered into a quota share reinsurance agreement with Bermudian-based Biglari Reinsurance Ltd

The organisation is an indirect wholly owned subsidiary of the Saudi Arabian Oil Company

The agency also affirmed the long-term ICR of “a” (Excellent) of the organisation’s non-operating holding company