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AM Best revises Fortitude Re outlook to stable and affirms ratings
AM Best affirmed Fortitude Re’s A (Excellent) financial strength rating and “a” long-term issuer credit ratings, citing capital strength supported by the Best’s Capital Adequacy Ratio (BCAR).
AM Best revised the outlook for FGH Parent, L.P. and its subsidiaries, collectively Fortitude Re, to stable from negative, while affirming the group’s Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Ratings of “a” (Excellent).
Fortitude Re’s insurance and reinsurance businesses include Fortitude Reinsurance Company Ltd., Fortitude Life Insurance & Annuity Company, and Fortitude International Reinsurance Ltd. AM Best said the revised outlook reflects the continued stability of operating results and the strength of the group’s capital position.
AM Best characterized Fortitude Re’s balance sheet strength as very strong, supported by risk adjusted capitalisation at the strongest level as measured by BCAR. It also pointed to Fortitude Re’s expectation of maintaining similar capital strength as it executes transactions, supported by financial flexibility to source additional capital if needed for underwriting operations.
Fortitude Re managing director and group treasurer Alan Stewart said the affirmed rating and outlook shift to stable reflect progress from consistent strategy execution and effective capital management.