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FOR IMMEDIATE RELEASE
MEXICO CITY - OCTOBER 03, 2025 02:01 PM (EDT)
AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Redbridge Insurance Company Limited (RICL) (St. James, Barbados). The outlook of the FSR is stable.
These Credit Ratings (ratings) reflect RICL’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The revised outlook to positive of the Long-Term ICR reflects AM Best’s expectation that RICL will be able to maintain its sound business strategy characterized by consistent global expansion driven by geographic, product offering, and distribution channel diversification, while sustaining its favorable trend in operating performance.
RICL is an insurance and reinsurance company founded in December 2010, and is part of Redbridge Holding, LLC (Redbridge Holding), a company specialized in the management of insurance and reinsurance. Most members of RICL’s management team have worked together for many years in developing and expanding the company; consequently, the company has achieved significant growth in recent years. Companies incorporated into RICL’s organizational structure in the latter years continue to provide services primarily to RICL, bolstering management’s commitment to continue expanding RICL.
RICL’s main line of business is health insurance, with a complete network of operations that has enabled growth mainly in the Latin America and Caribbean markets. As of December 2024, health insurance constituted 52.6% of RICL’s portfolio, followed by property/casualty insurance with 31%, travel insurance with 6.9%, and the remaining 5.5% in liabilities and life. The company is diversified geographically among 128 countries, primarily in Latin America, with its largest concentration in Mexico (14.3%).
RICL’s balance sheet is still subject to volatility derived from the company’s net business portfolio distribution and growth, as well as from pressures stemming from changes in its asset structure and cession profile.
RICL’s loss ratio remains contained driven by consistent improvements in its underwriting portfolio management. Moreover, after the incorporation of the new entities into the organization, the company’s cost-revenue structure shifted, increasing profitability. The company has maintained its retention, with an underwriting portfolio reflecting the business expansion initiatives. As of year-end 2024, RICL reflected sound underwriting and profitability metrics characterized by a 91.3% combined ratio, and a return-on-equity ratio of 32.6%.
Positive ratings actions could take place if the company sustains its favorable business strategy while generating a sound underwriting performance, which reinforces its capital base while maintaining its current levels of risk-adjusted capitalization supportive of the ratings. Negative rating actions could occur if underwriting results deteriorate and erode the company's capital base and reduce risk-adjusted capitalization to a level that no longer supports the ratings. Negative rating actions could also occur as a result of a deterioration in the financial leverage of RICL's holding company.
The methodology used in determining these ratings is Best’s Credit Rating Methodology (Version Aug. 29, 2024), 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 www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
· Available Capital and Insurance Holding Company Analysis (Version Sept. 18, 2025)
· Evaluating Country Risk (June 6, 2024)
· Scoring and Assessing Innovation (Version Feb. 20, 2025)
· Understanding Global BCAR (Version Sept. 18, 2025)
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, relevant sources of information and the frequency for updating ratings, please refer to Guide to Best’s Credit Ratings.
· Previous Rating Date: Sept. 6, 2024
· Initial Rating Date: May 23, 2019
· Date Range of Financial Data Used: Dec. 31, 2019-Dec. 31, 2024
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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.