AM Best Affirms Fortitude Re A Rating
Fortitude Re announced that AM Best has revised its outlook to stable from negative and affirmed the Financial Strength Rating of A [Excellent] and the Long-Term Issuer Credit Ratings of “a” [Excellent] of Fortitude Reinsurance Company Ltd., Fortitude Life Insurance & Annuity Company and Fortitude International Reinsurance Ltd, insurance and reinsurance subsidiaries of FGH Parent, LP, and collectively referred to as Fortitude Re.
A statement from the ratings agency said, “The revised outlook reflects the continued stability of Fortitude Re’s operating results and the strength of its capital position as Fortitude Re executes its strategy across life and annuity flow and block business.
“In its assessment, AM Best characterized Fortitude Re’s balance sheet strength as very strong, supported by risk-adjusted capitalization at the strongest level as measured by Best’s Capital Adequacy Ratio [BCAR]. AM Best noted Fortitude Re’s expectation that it will sustain similar levels of capital strength as it executes transactions, along with the financial flexibility to source additional capital when needed to support its underwriting operations.”
“The affirmed A [Excellent] rating and revised outlook to stable are meaningful markers of the progress we have made in the consistent execution of our strategy and effective capital management,” said Alan Stewart, Managing Director and Group Treasurer, Fortitude Re. “We remain focused on maintaining balance sheet strength at the highest level while thoughtfully growing and diversifying our business, and we are confident this supports the trajectory AM Best has recognized.”
