Brit Re gets rating boost from AM Best; mulls reinsurance expansion in 2020
Ratings agency AM Best has assigned a financial strength rating of A (Excellent) with a ‘stable’ outlook to Brit Reinsurance (Bermuda), a wholly-owned subsidiary of specialty re/insurer Brit, reflecting a "very strong" balance sheet.
Following AM Best's decision on its rating and outlook, Brit Re has decided to expand its reinsurance portfolio in 2020. The plan includes writing a portfolio of US-based casualty excess of loss business, consisting of workers compensation, general casualty, and casualty clash exposure.
Brit Re will continue to be led by Joe Bonanno as chief underwriting officer, and Karl Grieves as the finance director. Both the executives will develop Brit Re’s underwriting strategy and operations, using their extensive experience in underwriting casualty treaty reinsurance.
Mark Allan, CFO of Brit, said: “We have built out the capabilities of Brit’s Bermuda operation significantly over the last few years with our growing treaty presence, the redomiciliation of Brit Re and the launch of our ILS platform, Sussex Capital.
"We are pleased with AM Best’s rating which reflects the capital strength of Brit Re and which will allow us to access additional reinsurance business, complementing our existing operation. I am excited about the potential for Brit Re and look forward to continuing to work with Joe and Karl as they grow the business.”
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