AM Best Assigns Preliminary Credit Assessment to North End Re Ltd.
OLDWICK, N.J.–(BUSINESS WIRE)–#insurance—AM Best has assigned a Preliminary Credit Assessment (PCA) to North End Re Ltd. (Bermuda) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca (Excellent). The outlook assigned to these PCAs is stable. Currently, the company is a wholly owned direct subsidiary of Brookfield Asset Management Reinsurance Partners Ltd. [TSX: BAMR; NYSE: BAMR].
The PCA reflects North End Re Ltd.’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The PCA reflects North End Re Ltd.’s plan of making a significant capital investment to keep an appropriate level of risk-adjusted capital, as measured by Best’s Capital Adequacy Ratio (BCAR), and regulatory risk-adjusted capital. The company expects to use external and internal revolving lines of credit. The sponsor, Brookfield Asset Management Inc., provides security and resources, especially in the asset management space.
North End Re Ltd. complements geographically its sister company, North End Re (Cayman) SPC, which also is starting its activities. The company has another sister company, Brookfield Annuity Company, that provides pension risk transfer solutions in Canada, which has been in operation for a few years.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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