LONDON–(BUSINESS WIRE)–AM Best has withdrawn the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Newpoint Reinsurance Company Limited (NPRE) (St. Kitts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). At the time of the withdrawal, the Credit Ratings (ratings) were under review with the implications revised to negative from developing.
The 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 revision of the implications of the under review status to negative from developing reflects the complexity of capital and asset structures of NPRE and its parent, NFG SA, which in turn has the potential to affect AM Best’s view of the company’s balance sheet strength fundamentals.
The withdrawal of the ratings is due to the complexity of NFG group’s asset structure, which prevents AM Best from continuing with its interactive rating process with 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. For more information, visit www.ambest.com.
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Contacts
Stanislav Stoev, ACCA, CFA
Senior Financial Analyst
+44 20 7397 0306
[email protected]
Tim Prince
Director, Analytics
+44 20 7397 0320
[email protected]
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
[email protected]
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
[email protected]
