AM Best Assigns Credit Ratings to Somerset Life Reinsurance Ltd.
The ratings reflect Somerset Life Re's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Somerset Life Re is a startup Bermuda domiciled reinsurance company with section 953(d) U.S. taxpayer status and is a subsidiary of Somerset Reinsurance Ltd. (Somerset Re Ltd.) (Bermuda). The U.S. taxpayer status allows Somerset Life Re flexibility to reach a broader client base. Somerset Life Re is expected to rely on its parent for services as it expands its business profile. The management team has deep industry expertise and is expected to leverage its use of direct channels, brokers and strategic relationships to fuel new business. Planned growth is moderately aggressive as the company is expected to seek reinsurance opportunities for products with low to moderate risk. The company is expecting earnings strain from acquired business in the short-term; however, over the medium-term earnings are projected to contribute measurably toward overall enterprise earnings. Additionally, AM Best anticipates that the parent company will aid in maintaining the risk-adjusted capital of Somerset Life Re if needed.
The ratings are afforded two notches of lift off of Somerset Re Ltd. The addition of Somerset Life Re enhances Somerset Re Group's ability to offer reinsurance solutions to offshore insurance entities that desire to transact with a U.S. taxpayer. Furthermore, Somerset Life Re's operating capabilities are fully integrated and co-sourced with its parent company for external functions.
The stable outlooks reflect AM Best's expectation that Somerset Life Re will grow risk-based capital to support its growth-oriented business plan, as it builds operational synergies through the sharing of services with its parent, Somerset Re Ltd.
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.
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BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of 'a' (Excellent) to Somerset Life Reinsurance Ltd. (Somerset Life Re) (Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Somerset Life Re's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. Somerset Life Re is a startup Bermuda domiciled reinsurance company with section 953(d) U.S. taxpayer status and is a subsidiary of Somerset Reinsurance Ltd. (Somerset Re Ltd.) (Bermuda). The U.S. taxpayer status allows Somerset Life Re flexibility to reach a broader client base. Somerset Life Re is expected to rely on its parent for services as it expands its business profile. The management team has deep industry expertise and is expected to leverage its use of direct channels, brokers and strategic relationships to fuel new business. Planned growth is moderately aggressive as the company is expected to seek reinsurance opportunities for products with low to moderate risk. The company is expecting earnings strain from acquired business in the short-term; however, over the medium-term earnings are projected to contribute measurably toward overall enterprise earnings. Additionally, AM Best anticipates that the parent company will aid in maintaining the risk-adjusted capital of Somerset Life Re if needed. The ratings are afforded two notches of lift off of Somerset Re Ltd. The addition of Somerset Life Re enhances Somerset Re Group's ability to offer reinsurance solutions to offshore insurance entities that desire to transact with a U.S. taxpayer. Furthermore, Somerset Life Re's operating capabilities are fully integrated and co-sourced with its parent company for external functions. The stable outlooks reflect AM Best's expectation that Somerset Life Re will grow risk-based capital to support its growth-oriented business plan, as it builds operational synergies through the sharing of services with its parent, Somerset Re Ltd. 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.
