Capital infusion by Quantum Dao enables OceanRe to offer better service backed by a new credit rating agency.
The agency AM Best, grants the Long-Term Issuer Credit Rating of “A-” to Ocean International Reinsurance Company Limited (Barbados), also evaluating the Financial Strength of the reinsurer with “A-“, which is considered an excellent rating. The outlook provided by these ratings indicates that it has stable ratings within the parameters established by the agency.
OceanRe is classified as a Class 2 licensed insurance company with a diversified product offering throughout Latin America and in many other strategically located geographic markets. These ratings reflect the company’s financial strength, as well as evidence of good operating performance, excellent enterprise risk management and compliance with changes in the company’s legislation.
The stability and serenity of AM Best’s ratings were derived from OceanRe’s strengthened capital base. This stable outlook also recognizes the company’s disciplined underwriting, which now has a team specialized in multiple areas of reinsurance with the adaptability to meet the particular needs of the international markets.
Premium adequacy levels derived from the captive reinsurance business the company previously handled in 2019 resulted in positive net income, to which the capital adjustment contributed greatly to the traditional reinsurance business, which has remained at the strongest levels since then.
“Thanks to the capital increase and the rating obtained at AM Best, today OceanRe can offer facultative programs, with financial coverage capacity to cover the ultimate losses of clients with higher exposures and risks” expressed Carlos Chamorro chief executive officer and head of global operations of the reinsurer.
AM Best continues to be the leading rating agency for alternative risk transfer entities, fulfilling to the same extent the consulting function, guiding the evaluated companies through improvement and adaptation processes for compliance with the requirements evaluated through Best’s Credit Rating Methodology, used to determine the ratings and grant permission for the continuity of their operations.