Best’s News & Research Service - August 08, 2024 08:59 AM (EDT)
AM Best Places Credit Ratings of Newpoint Reinsurance Company Limited Under Review With Developing Implications
- August 08, 2024 08:59 AM (EDT)
//BestWire// - AM Best has placed under review with developing implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Newpoint Reinsurance Company Limited (NPRE) (St. Kitts and Nevis).
The Credit Ratings (ratings) reflect NPRE’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management.
The ratings of NPRE have been placed under review with developing implications as its parent, NFG SA, is in the process of strengthening its capital structure via the planned issue of common shares. The ratings are expected to remain under review with developing implications until NFG SA has executed its plans and AM Best has assessed the impact these have on the credit fundamentals of NPRE.
The rating action is the result of an accepted appeal from NPRE.
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.