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AM Best assigns B++ rating to Charp Re as reinsurer expands internationally
AM Best cited Charp Re’s strongest risk adjusted capitalisation measured by BCAR, and said its portfolio is concentrated in group life at 38.3% of gross written premiums in 2025.
AM Best has assigned Charp Re, Ltd. a Financial Strength Rating of B++ (Good) and a Long Term Issuer Credit Rating of “bbb” (Good), with both ratings carrying a stable outlook, according to Reinsurance News.
The ratings agency said the decision reflects Charp Re’s very strong balance sheet strength, alongside adequate operating performance, a limited business profile, and what it views as appropriate enterprise risk management.
Charp Re, a family owned reinsurance company established in 2018 in the Turks and Caicos Islands, works with insurers and brokers across multiple reinsurance lines and has expanded its activities with support from retrocessionaires. AM Best noted the portfolio has become increasingly diversified, with 2025 gross written premiums split across group life at 38.3%, property at 22.1%, and financial lines at 13.4%, with the remaining 26.2% in other classes.
Geographically, Charp Re’s business spans 32 countries, with Latin America and the Caribbean accounting for 71% of the portfolio, Europe and MENA at 19%, and Asia at 10%. AM Best said there could be scope for positive rating action if Charp Re executes its diversification strategy while maintaining profitability and capital adequacy at levels consistent with the ratings.