AM Best Places Credit Ratings of North End Re (Cayman) SPC Under Review With Developing Implications
2024年5月9日 - 11:33PM
ビジネスワイヤ(英語)
AM Best has placed under review with developing
implications the Financial Strength Rating of A- (Excellent) and
the Long-Term Issuer Credit Rating of “a-” (Excellent) of North End
Re (Cayman) SPC (Cayman Islands) (NERC).
Following the recent closure of Brookfield Reinsurance Ltd.’s
[NYSE: BNRE, BNRE.A] acquisition of American Equity Investment Life
Holding Company (AEL) [NYSE:AEL], the strategy for subsidiary NERC
is under review by AM Best. In 2021, prior to the acquisition, NERC
entered into a reinsurance agreement with AEL affiliate American
Equity Investment Life Insurance Company, whereby NERC agreed to
assume up to $10 billion of fixed deferred annuities. NERC has
managed the assumed business profitably over the following two
years. Until more clarity on the strategy is communicated to AM
Best analysts, the ratings will remain under review with developing
implications.
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.
AM Best is a global credit rating agency, news
publisher and data analytics provider specializing in the insurance
industry. Headquartered in the United States, the company does
business in over 100 countries with regional offices in London,
Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more
information, visit www.ambest.com.
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