AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to North End Re Ltd. (Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect North End Re Ltd.’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The ratings also reflect North End Re Ltd.’s plan of making a significant capital investment to keep an appropriate level of risk-adjusted capital, as measured by Best’s Capital Adequacy Ratio (BCAR), and regulatory risk-adjusted capital. The company expects to use external and internal revolving lines of credit. North End Re Ltd. has recently closed one transaction, reinsuring $1.6 billion of fixed deferred annuities.
North End Re Ltd.’s parent, Brookfield Asset Management Reinsurance Partners Ltd. (BAM Re), is a publicly traded reinsurance company focused on providing capital-based solutions to insurance companies. BAM Re seeks capital-intensive business to leverage its asset management and sourcing capabilities. BAM Re recently acquired American National Group, Inc. [NASDAQ: ANAT] in an all-cash transaction valued at approximately $5.1 billion. North End Re Ltd. complements geographically its sister company, North End Re (Cayman) SPC, which also is starting its reinsurance operations. The company has another sister company, Brookfield Annuity Company, that provides pension risk transfer solutions in Canada.
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