SEPTEMBER 17, 2020 09:28 AM (EDT)
AM Best Comments on Credit Ratings of Barents Reinsurance S.A. Following Relocation Announcement
FOR IMMEDIATE RELEASE
AMSTERDAM - SEPTEMBER 17, 2020 09:28 AM (EDT)
The planned relocation involves establishing a new licensed reinsurance carrier domiciled in the UK, which will acquire all of the assets and liabilities of Barents Re Lux pursuant to a merger by absorption and a portfolio transfer. Management expects to complete the transactions by year-end 2020.
AM Best notes that Barents Re Lux benefits from ongoing implicit and explicit support from the parent, Barents Re Reinsurance Company, Inc., which will be enhanced further by the addition of a whole account stop-loss agreement to protect the company’s operating performance until the merger is complete.
AM Best believes that there is significant execution risk and will closely monitor the progression of the transactions.
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