AM Best Assigns Credit Ratings To Premia Re
AM Best has assigned a Financial Strength Rating of A- [Excellent] and a Long-Term Issuer Credit Rating of “a-” [Excellent] of Premia Reinsurance Ltd. [Premia Re] [Bermuda]. The outlook assigned to these Credit Ratings [ratings] is stable.
A statement from the ratings agency said, “The ratings reflect Premia Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
“Premia Re has been operating in the non-life runoff market. The company is a flagship reinsurer of the greater Premia group, a global insurance and reinsurance group specializing in the property/casualty legacy sector. As a dedicated legacy reinsurer, Premia maintains a consistently active pipeline of potential opportunities. However, true to its selective and capital-disciplined approach, the group typically completes only a limited number of meaningful transactions each year, prioritizing quality over volume to ensure capital efficiency and long-term return on equity since it launched in 2017.”
