Best’s News & Research Service - November 27, 2024 12:06 PM (EST)
AM Best Affirms Credit Ratings of StarStone Insurance SE
- November 27, 2024 12:06 PM (EST)
//BestWire// - AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) 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 adequate operating performance, very limited business profile and appropriate enterprise risk management.
The rating action follows the completion of the merger between SISE’s immediate parent company, StarStone Insurance Bermuda Limited (SIBL) (Bermuda), with its affiliated company, Cavello Bay Reinsurance Limited (CBRL) (Bermuda). In addition, AM Best has withdrawn the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) with stable outlooks for SIBL as the company no longer exists. CBRL is the surviving company and by operation of law in Bermuda, SIBL’s assets and liabilities were transferred to CBRL, which is the immediate parent of SISE, effective 6 November 2024.
SISE’s extensive reinsurance arrangements are now with CBRL, Enstar Group Limited’s (Enstar) (Bermuda) primary operating company in Bermuda. Enstar is SISE’s ultimate parent. AM Best is of the view that the merger does not result in any material changes to SISE’s business operations or rating fundamentals.
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 specialising 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.