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FOR IMMEDIATE RELEASE
AMSTERDAM - NOVEMBER 13, 2025 10:48 AM (EST)
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of StarStone Insurance SE (SISE) (Liechtenstein). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect SISE’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, very limited business profile and appropriate enterprise risk management. SISE’s ratings benefit from rating enhancement, in the form of lift, reflecting the financial assistance and operational support the entity receives from its parent, Enstar Group Limited (Enstar).
SISE’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which was comfortably above the minimum required for the strongest assessment, as measured by Best’s Capital Adequacy Ratio (BCAR), at year-end 2024. AM Best expects SISE’s risk-adjusted capitalisation to remain at the strongest level over the medium term, based on the company’s run-off plans.
SISE’s balance sheet strength assessment is supported by its conservative investment portfolio, and its significant external reinsurance protection, as well as internal reinsurance protection from its immediate parent company, Cavello Bay Reinsurance Limited (CBRL). CRBL is Enstar’s primary operating company in Bermuda.
SISE’s marginal operating performance assessment reflects AM Best’s expectation that the company will run-off in an orderly manner, despite high administrative expenses incurred. SISE’s very limited business profile assessment considers its significantly reduced scale and limited revenues as the entity ceased writing new business in July 2020 with remaining long-term liabilities mainly related to construction business.
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 (BCR), Best’s Performance Assessments (PA), Best’s Preliminary Credit Assessments (PCA) 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.