AM Best Assigns Credit Ratings to Interplus Re Limited
MEXICO CITY, June 20, 2025--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of "bb+" (Fair) to Interplus Re Limited (Interplus) (Barbados). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Interplus' balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Interplus is a reinsurance company incorporated under the Laws of Barbados on Aug. 11, 2021, as a Class 2 License Insurance Company. Interplus is 98% owned by INTEHO Limited, based in Barbados. Interplus offers reinsurance products mainly focused on property business, which accounts for almost 79% of its gross written premium portfolio, followed by surety and credit lines (12%), accidents and health (8%) and the remaining (less than 1%) in life. Two thirds of the businesses underwritten by Interplus originates in Latin America and the Caribbean, with moderate concentration in Ecuador (29% of gross written premiums as of December 2024). The remaining 34% of its portfolio is distributed across Asia (25%), Africa (5%), Europe (4%) and Oceania (less than 1%). Interplus reached USD 34.9 million in gross written premiums during 2024, its third year of operation. AM Best assesses Interplus' business profile as limited due to the recent creation of the company and its small size within a highly competitive global market.
Interplus' balance sheet strength is assessed as strong, reflecting the expected volatility of a startup company, its developing investment strategy and adjusting risk profile. The company's capital base has grown since its foundation, to USD 25.1 million as of December 2024, reflecting two years of positive net results and shareholder support from significant capital infusions. AM Best expects Interplus to continue strengthening its capital base through profitable results and prudent capital management.
Interplus reported positive bottom-line results of USD 16 million as of December 2024. Reserve adjustments benefited technical results, allowing for a combined ratio of 32%, well within premium sufficiency levels. AM Best expects Interplus to remain profitable through adequate risk selection and stable expenses.
The stable outlooks reflect AM Best's expectation that Interplus will continue strengthening its capital base, through prudent capital management and profitable results, to sustain its business plan to maintain current rating levels.
Negative rating actions could take place if Interplus' operating performance deteriorates to a point no longer supportive of the adequate assessment and losses further weaken the company's balance sheet strength. Positive rating actions could take place if Interplus is able to consistently strengthen its capital through reinvestment of earnings or capital infusions, demonstrating stability at levels that support the current ratings, according to Best's Capital Adequacy Ratio (BCAR).
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 specializing 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.
Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250620750663/en/
Contacts
Inger Rodriguez Financial Analyst +52 55 1102 2720, ext. 108 inger.rodriguez@ambest.com Alfonso Novelo Senior Director, Analytics +52 55 1102 2720, ext. 107 alfonso.novelo@ambest.com Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 christopher.sharkey@ambest.com Al Slavin Senior Public Relations Specialist +1 908 882 2318 al.slavin@ambest.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
5 hours ago
- Yahoo
AM Best Assigns Credit Ratings to Interplus Re Limited
MEXICO CITY, June 20, 2025--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of "bb+" (Fair) to Interplus Re Limited (Interplus) (Barbados). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Interplus' balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. Interplus is a reinsurance company incorporated under the Laws of Barbados on Aug. 11, 2021, as a Class 2 License Insurance Company. Interplus is 98% owned by INTEHO Limited, based in Barbados. Interplus offers reinsurance products mainly focused on property business, which accounts for almost 79% of its gross written premium portfolio, followed by surety and credit lines (12%), accidents and health (8%) and the remaining (less than 1%) in life. Two thirds of the businesses underwritten by Interplus originates in Latin America and the Caribbean, with moderate concentration in Ecuador (29% of gross written premiums as of December 2024). The remaining 34% of its portfolio is distributed across Asia (25%), Africa (5%), Europe (4%) and Oceania (less than 1%). Interplus reached USD 34.9 million in gross written premiums during 2024, its third year of operation. AM Best assesses Interplus' business profile as limited due to the recent creation of the company and its small size within a highly competitive global market. Interplus' balance sheet strength is assessed as strong, reflecting the expected volatility of a startup company, its developing investment strategy and adjusting risk profile. The company's capital base has grown since its foundation, to USD 25.1 million as of December 2024, reflecting two years of positive net results and shareholder support from significant capital infusions. AM Best expects Interplus to continue strengthening its capital base through profitable results and prudent capital management. Interplus reported positive bottom-line results of USD 16 million as of December 2024. Reserve adjustments benefited technical results, allowing for a combined ratio of 32%, well within premium sufficiency levels. AM Best expects Interplus to remain profitable through adequate risk selection and stable expenses. The stable outlooks reflect AM Best's expectation that Interplus will continue strengthening its capital base, through prudent capital management and profitable results, to sustain its business plan to maintain current rating levels. Negative rating actions could take place if Interplus' operating performance deteriorates to a point no longer supportive of the adequate assessment and losses further weaken the company's balance sheet strength. Positive rating actions could take place if Interplus is able to consistently strengthen its capital through reinvestment of earnings or capital infusions, demonstrating stability at levels that support the current ratings, according to Best's Capital Adequacy Ratio (BCAR). 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 specializing 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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Inger Rodriguez Financial Analyst +52 55 1102 2720, ext. 108 Alfonso Novelo Senior Director, Analytics +52 55 1102 2720, ext. 107 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
5 hours ago
- Business Wire
AM Best Assigns Credit Ratings to Interplus Re Limited
BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of 'bb+' (Fair) to Interplus Re Limited (Interplus) (Barbados). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Interplus' balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. Interplus is a reinsurance company incorporated under the Laws of Barbados on Aug. 11, 2021, as a Class 2 License Insurance Company. Interplus is 98% owned by INTEHO Limited, based in Barbados. Interplus offers reinsurance products mainly focused on property business, which accounts for almost 79% of its gross written premium portfolio, followed by surety and credit lines (12%), accidents and health (8%) and the remaining (less than 1%) in life. Two thirds of the businesses underwritten by Interplus originates in Latin America and the Caribbean, with moderate concentration in Ecuador (29% of gross written premiums as of December 2024). The remaining 34% of its portfolio is distributed across Asia (25%), Africa (5%), Europe (4%) and Oceania (less than 1%). Interplus reached USD 34.9 million in gross written premiums during 2024, its third year of operation. AM Best assesses Interplus' business profile as limited due to the recent creation of the company and its small size within a highly competitive global market. Interplus' balance sheet strength is assessed as strong, reflecting the expected volatility of a startup company, its developing investment strategy and adjusting risk profile. The company's capital base has grown since its foundation, to USD 25.1 million as of December 2024, reflecting two years of positive net results and shareholder support from significant capital infusions. AM Best expects Interplus to continue strengthening its capital base through profitable results and prudent capital management. Interplus reported positive bottom-line results of USD 16 million as of December 2024. Reserve adjustments benefited technical results, allowing for a combined ratio of 32%, well within premium sufficiency levels. AM Best expects Interplus to remain profitable through adequate risk selection and stable expenses. The stable outlooks reflect AM Best's expectation that Interplus will continue strengthening its capital base, through prudent capital management and profitable results, to sustain its business plan to maintain current rating levels. Negative rating actions could take place if Interplus' operating performance deteriorates to a point no longer supportive of the adequate assessment and losses further weaken the company's balance sheet strength. Positive rating actions could take place if Interplus is able to consistently strengthen its capital through reinvestment of earnings or capital infusions, demonstrating stability at levels that support the current ratings, according to Best's Capital Adequacy Ratio (BCAR). 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.
Yahoo
5 hours ago
- Yahoo
The Weekly Closeout: Authentic hires an Amazon vet, Dôen secures funding
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. It's been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week and what we're still thinking about. From expanding beyond the airport to Shakira's hair care brand raising $12 million in capital, here's our closeout for the week. Get duty free without the hassle of going to the airport The duty-free airport experience is now online. launched its online marketplace this week to offer tax-free pricing on products from a number of categories including alcoholic beverages, fragrances, beauty, cosmetics and electronics. The company, which was founded in 1998, operates from 'strategic duty-free zones' across North America and Latin America. "We're transforming the way duty-free works," founder Reynald Vito Grattagliano said in a statement. "For decades, access to duty-free products was limited to airports and cruise terminals. Now, with our marketplace, anyone — from Dubai to Paris to Los Angeles — can shop duty-free, or become a global seller." Authentic goes to the market In other marketplace news, Authentic Brands Group recently appointed Tim Derner to the role of global head of marketplaces. Derner comes to Authentic from Amazon, where he most recently was the director of Amazon fashion and luxury stores. In the position, Derner will oversee the expansion of Authentic's global distribution strategy with a focus on strengthening partnerships and accelerating brand reach, among other tasks. 'Marketplaces are a critical engine for long-term brand growth,' President Matt Maddox said in a statement. 'Tim's track record of building high-performing teams and scaling digital marketplaces worldwide makes him the ideal leader to deepen our capabilities in this space. His appointment marks a significant step in making this channel a cornerstone of our global distribution strategy.' Dôen raises Series A funding round California-based lifestyle brand Dôen this week closed on a Series A funding round led by growth equity firm Silas Capital, per a company press release. The almost 10-year-old brand did not disclose how much it raised, but said prior to this it had only brought in about $1 million in outside capital. The funding is aimed at helping Dôen expand its physical footprint in key markets, build out its infrastructure and invest in marketing. The company, which launched as a digitally native fashion brand, has expanded its offerings over the years to include outerwear, denim, dresses, loungewear and a home assortment, among other products. "This has been a long time in the making, as our top priority was finding a partner who aligns with our values and long-term vision for growing Dôen," Margaret Kleveland, co-founder and CEO of Dôen, said in a statement. "Silas Capital has a strong track record of supporting authentic, organic community building and helping their portfolio companies scale in thoughtful, sustainable ways." Dôen operates seven of its own stores and sells through wholesale partners including Net-a-Porter, Saks Fifth Avenue, Nordstrom, Harrods and over 150 specialty stores globally. The retailer has built a $100 million revenue business and said retail sales at its stores have grown 80% year over year, in aggregate. E-commerce is up 40% year over year and wholesale bookings have grown 110% year to date, per the company. Your popsicle mouth can now last longer The Popsicle brand is entering lip care with a line of Popsicle Pouts lip oils. Available in orange, cherry and grape, the shades are inspired by Popsicle ice pops original flavors. The lip oils are limited edition and sell for $5.64 at about the same price as a box of Popsicle ice pops. A limited number of lip oils drop daily. Each purchase comes with a coupon for a free box of ice pops. Squishmallows eyes the sleep category Squishmallows is releasing its first SquishPillow exclusively at Target starting on Sunday. The standard SquishPillow sells for $29.99 and the king size retails for $39.99. Products have two firmness levels, with firm available at launch and medium releasing in the fall. 'We're always listening to our fans, and when we learned so many were already using their Squishmallows as pillows, we knew we had to dream up and disrupt the home goods category by developing a branded pillow unlike any other,' Laura Zebersky, president and chief commercial officer at parent company Jazwares, said in a statement. Squishmallows is also selling six themed pillowcases starting at $9.99. The brand will launch additional styles later in the year. $12M About a week after Shakira launched her hair care brand Isima, the company announced it secured over $12 million in capital investments from Stelac Capital Partners, Leonardo Maria Del Vecchio Capital, venture capital firm and talent agency WME. "We chose to support Isima because it brings together scientific innovation and a deep respect for individual identity," Leonardo Maria Del Vecchio, president of LMDV Capital, said in a statement. "In an industry long dominated by one-size-fits-all solutions, Isima offers something different — products designed to embrace diversity and meet the unique needs of each person." The brand will launch exclusively at Ulta Beauty with a range of eight products, including shampoos, conditioners and a hair mask. 2.6% That's how much Perfect Moment's fourth-quarter revenue is expected to grow by, reaching $5 million, according to preliminary financial results released Tuesday. For the full year, revenue is expected to fall 12%, but excluding a Hugo Boss collaboration that ended in fiscal 2024, the company said full-year revenue increased 1%. The company attributed lower revenue to Matches Fashion, its largest wholesale partner, filing for bankruptcy. Perfect Moment expects to report a net loss of $16 million for the year. Perfect Moment Chairman Max Gottschalk called the year 'one of consolidation and transformation,' noting that in addition to addressing inefficiencies in its operations, the company hired executives from Canada Goose, LVMH and Timberland. Fluctuating U.S. immigration policy stokes uncertainty for garment workers, apparel factories As U.S. Immigration and Customs Enforcement agents step up workplace raids and deportation efforts, the modest U.S. apparel manufacturing sector, always dependent on immigrants, is under pressure. Detentions of garment workers and others in Los Angeles, home to most of the country's textile factories, have sparked protests for weeks. Over the weekend, the New York Times reported that, following lobbying by U.S. Agriculture Secretary Brooke Rollins, President Trump decided to ease up on immigrants working in food production and hospitality. More recent reporting from the newspaper indicates that Trump has changed his mind again, alarming some businesses. Neither the White House nor ICE has responded to Retail Dive's request for comment on where the policies stand and how they might affect garment workers.
