AM Best Withdraws Credit Ratings of Carolina Re, Ltd.

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Carolina Re, Ltd (Bermuda). At the time of the withdrawal, the outlook of the Credit Ratings (ratings) was negative.

The withdrawal of the ratings previously assigned to Carolina Re, Ltd reflects the dissolution of the company.

During 2022, Carolina Re commuted the outstanding obligations ceded under the intercompany quota-share reinsurance agreements back to James River Group Holdings, Ltd.’s [NASDAQ: JRVR] U.S.-based insurance subsidiaries effective January 1, 2022. Carolina Re concluded all operations and was dissolved in December 2023. Accordingly, AM Best has withdrawn these ratings as Carolina Re, Ltd. no longer exists.

AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, a final rating opinion could not be produced for Carolina Re, Ltd. due to the absence of an insurance license and insurance liabilities.

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.

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