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The agency said the company’s balance sheet strength continues to be maintained by its very strong level of risk-adjusted capitalisation

The Itochu subsidiary was given an excellent financial strength rating

The change comes on the heels of Fitch Ratings raising Fortitude Re’s Outlook to Positive from Stable

The Class 3 captive insurance company was set up on the island in 2004

The company is a specialty underwriter with a broad degree of geographic presence and product line

Rated companies include Hannover Re (Bermuda) Ltd and Hannover Life Reassurance Company of America (Bermuda) Ltd

The reinsurer, which commenced operations in 2016, is sponsored by Axis Capital Holdings Ltd and The Blackstone Group Inc

The company is a wholly owned subsidiary of Michigan-based Hagerty Insurance Holdings Inc, a provider of specialty insurance for classic vehicles

The Class E insurer was registered with the Bermuda Monetary Authority in September

The company is a wholly-owned subsidiary of Ark Insurance Holdings Ltd, the non-operating holding company of the Ark group

The agency said the company has a track record of strong underwriting performance across the cycle, supported by a geographically diverse earnings profile

EICL’s in-force underwriting portfolio primarily consists of marine, aviation and property risks related to the Evergreen Group’s operations