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AM Best upgrades Worldwide Re’s credit ratings and outlook changes
AM Best lifted Worldwide Re’s Financial Strength Rating to B++ and raised its Long-Term Issuer Credit Rating to “bbb,” while switching the FSR outlook to stable.
AM Best upgraded Worldwide Re’s Financial Strength Rating to B++ (Good) from B+ (Good) and raised the Long-Term Issuer Credit Rating to “bbb” (Good) from “bbb-” (Good), the reinsurance-focused outlet reported.
Alongside the rating increases, AM Best revised Worldwide Re’s Financial Strength Rating outlook to stable from positive, and it kept the Long-Term ICR outlook positive. The agency said the changes reflect a very strong balance sheet, adequate operating performance, a neutral business profile, and appropriate enterprise risk management.
AM Best attributed part of the improvement to Worldwide Re’s strengthened enterprise risk management profile, including established corporate governance capabilities and its nonproportional retrocession structure. The agency also linked the positive Long-Term ICR outlook to the reinsurer’s ability to sustain consistently strong operating performance, which supports an expanding capital base and growth initiatives.
Worldwide Re, which began operations in 2013, provides reinsurance capacity for property, marine, and liability lines across Europe and Asia, with other operations in Oceania, Central America, South America, and the Caribbean. The rating rationale cited solid capital management, geographically diversified premiums, and sustained underwriting quality, while noting that strong positive factors are partially offset by a competitive market and a challenging economic environment, with AM Best pointing to 2025 results including a 71.9% combined ratio and a 49% return on equity.