AM Best

AM Best Assigns Credit Ratings to Redbridge Insurance Company Limited


Olga Rubo
Financial Analyst
+52 55 1102 2720, ext. 134

Alfonso Novelo
Senior Director, Analytics
+52 55 1102 2720, ext. 107

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644


MEXICO CITY - MAY 23, 2019 01:24 PM (EDT)
AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” to Redbridge Insurance Company Limited (RICL) (St. James, Barbados). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect RICL’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The ratings also reflect the company’s strong risk-adjusted capital and sound business strategy, as well as its experienced management team. Partially offsetting these positive rating factors is the small size of the company, and the competitive environment in which it operates, which could pressure future growth and underwriting performance.

RICL is an insurance and reinsurance company founded in December 2010, and part of Redbridge Holding, Inc., a company specialized in the management of insurance and reinsurance. Most members of the management team have worked together for many years in developing and expanding RICL, which has achieved significant growth in recent years.

RICL’s main line of business is health insurance, with a complete network of operations that has enabled growth in the Latin American and Caribbean markets. As of December 2018, RICL’s portfolio was comprised 83% by health, and 17% by life; it is diversified geographically among 23 countries in the Caribbean and Latin America, with a larger concentration in Mexico (23.9%).

The continuing improvement in RICL’s risk-adjusted capitalization is mainly a result of two USD 1 million capital contributions during 2019. In addition, the company’s balance sheet strength is reinforced by its reinsurance program placed with reinsurers with an excellent level of security, nevertheless the concentration in one particular reinsurer limits AM Best’s view on balance sheet strength. Additional capital contributions will be key for the future balance sheet strength assessment.

RICL’s overall underwriting results have improved from the past years, and combined ratios have remained below the 100% threshold. In addition, the RICL’s prudent underwriting practices have maintained the loss ratio at stable levels. As of December 2018, RICL has gradually increased its retention, but continued underwriting a healthy business volume with respect to its growing capital base, which helped reduce the company’s premium leverage ratios.

Positive rating actions could occur if the company’s risk-adjusted capital further strengthens as a result of capital contributions, or from significant improvement in its bottom-line results. Negative rating actions could occur if premium growth or deteriorating underwriting results erode the company’s capital base and reduce risk-adjusted capitalization to a level that no longer supports the ratings.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of AM Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at

Key insurance criteria reports utilized:

  • Evaluating Country Risk (Version Oct 13, 2017)

  • Understanding Universal BCAR (Version May 14, 2018)

  • Available Capital & Holding Company Analysis (Version Oct 13, 2017)

View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, please refer to Understanding Best’s Credit Ratings.

  • Previous Rating Date: Not Rated

  • Date Range of Financial Data Used: Dec. 31, 2013 – Dec. 31, 2018

This press release relates to rating(s) that have been published on AM Best’s website. For additional 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.

AM Best does not validate or certify the information provided by the client in order to issue a credit rating.

While the information obtained from the material source(s) is believed to be reliable, its accuracy is not guaranteed. AM Best does not audit the company’s financial records or statements, or otherwise independently verify the accuracy and reliability of the information; therefore, AM Best cannot attest as to the accuracy of the information provided.

AM Best’s credit ratings are independent and objective opinions, not statements of fact. AM Best is not an Investment Advisor, does not offer investment advice of any kind, nor does the company or its Ratings Analysts offer any form of structuring or financial advice. AM Best’s credit opinions are not recommendations to buy, sell or hold securities, or to make any other investment decisions. View our entire notice for complete details.

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AMB# Company Name
071365 Redbridge Insurance Company Ltd.