OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to National General Re Ltd. (NG Re) (Hamilton, Bermuda), a subsidiary of National General Holdings Corp. (NGHC) [NASDAQ:NGHC]. The outlook assigned to both ratings is stable.
NG Re was formed in 2011 to function primarily as a reinsurer for affiliates, and the company currently participates in a reinsurance relationship with its affiliate Integon National Insurance Company (Integon). While the reinsurance participation has varied since its inception, as of Oct. 1, 2015, NG Re assumes a 50% share of Integon’s gross premiums written. The ratings of NG Re reflect its supportive level of risk-adjusted capitalization and generally favorable operating performance since its inception. They also reflect NG Re’s relationship to Integon and the strategic role NG Re plays within the NGHC enterprise.
Positive rating actions may result should the performance of NG Re and its affiliates outperform expectations and the results of its peers. Negative rating actions could be taken should results not meet expectations or if risk-adjusted capitalization declines to a level that is not supportive of the current ratings.
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