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Fitch upgrades ASR Re rating to A- as profitability and scale improve
Fitch cited a combined ratio falling to 81.5% at end-2025 from 84.5% in 2024 and noted ASR Re has been profitable since 2022, including $2.6 million net profit in 2025.
Fitch Ratings upgraded ASR Re’s Insurer Financial Strength (IFS) Rating to A- from BBB+, pointing to an improved company profile supported by stronger profitability and capitalisation.
The agency said the upgrade primarily reflects ASR Re’s limited but fast-growing business franchise and a modest, increasingly scaled operation, alongside credit factors that are partly offset by capitalisation and leverage considerations.
Fitch linked the rating change to expectations that ASR Re’s capital base will strengthen after the parent’s acquisition by Vitruvian Partners LLP is completed. Fitch also highlighted that the reinsurer reported stable net profit of $2.6 million in 2025, equivalent to a 5% return on equity.
Fitch noted underwriting performance improved, with a combined ratio of 81.5% at end-2025 versus 84.5% in 2024, and said it expects profitability to remain strong in 2026 absent a large catastrophe, assuming underwriting discipline and controlled cost growth.