OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Fortitude Reinsurance Company Ltd. (FRL). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has assigned an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent) to Fortitude International Reinsurance Ltd. (FIRL). The outlook assigned to these ratings is stable. FRL and FIRL are domiciled in Bermuda and collectively referred to as Fortitude Re.
The ratings reflect Fortitude Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The assigned ratings of FIRL reflect its strategic importance to the greater Fortitude Re operations. FIRL will support the group’s ongoing international expansion, and its ratings benefit from both implicit and explicit support from the group’s parent holding company, FGH Parent, LP.
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 Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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