AM Best Assigns Ratings To Enstar’s Cavello Bay
AM Best has assigned an “A” [Excellent] financial strength rating to Cavello Bay, Enstar Group’s primary Bermuda reinsurer, with a stable outlook.
A spokesperson said, “Enstar Group Limited [NASDAQ: ESGR] announced today that the credit rating agency AM Best has assigned a Financial Strength Rating of “A” [Excellent] and a Long-Term Issuer Credit Rating [Long-Term ICR] of “a+” [Excellent] to Cavello Bay Reinsurance Limited [Cavello Bay], a subsidiary of Enstar Group Limited [Enstar] and its primary non-life run-off consolidator and a Class 3B reinsurer. The outlook assigned to these Credit Ratings is stable.
“On issuing its rating, AM Best highlighted Enstar’s “long track record of effectively managing claims in complicated lines of business”, noting that the ratings reflect Enstar’s balance sheet strength, as well as its strong operating performance, which it believes should remain at the current level throughout the remainder of 2025.”
Matt Kirk, Enstar’s Group Chief Financial Officer, said, “The AM Best Financial Strength Rating reflects Enstar’s established standing in the global legacy market and is further confirmation of our strong capital position and the resilience of our business model. The “A” rating for Cavello Bay, our primary Bermuda reinsurer, affirms our commitment to insurance ratings and will enhance our ability to structure insurance transactions that support the strategic objectives of our partners.”
