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

The Bermudian-based Class 3A insurer is part of The Allstate Corporation’s group of insurance companies

News comes as the ratings agency affirmed the excellent financial strength rating and the long-term issuer credit rating of Everen Specialty and affiliate, Ocil Specialty

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

The agency said the outlook for the rating was stable

Rating agency KBRA says Bermuda’s slow recovery from the 2008 global financial crisis was partly owing to a smaller expatriate labour force

The ratings agency said the company maintains a well-diversified portfolio by line of business and geography

The company is affiliated with Group 1001 Insurance Holdings LLC

Class 3A insurer provides reinsurance capacity for commercial credit and credit life risks

The company and its Liechtenstein-based subsidiary ceased underwriting new business in July 2020

The organisation’s operating subsidiaries include island-based Essent Reinsurance Ltd

The company is a captive reinsurer of Suramericana SA, a Colombia-based insurance group