AM Best Assigns Credit Ratings to Sky Reinsurance Ltd.

MEXICO CITY--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good) to Sky Reinsurance Ltd. (Sky Re) (Barbados). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Sky Re’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The ratings also reflect Sky Re’s affiliation to its organization and parent company, G.B. Group Corporation, in terms of capital support, ERM framework and overall strategies and objectives.

Sky Re is registered as a single-parent captive reinsurer under the Barbados’ insurance law. G.B. Group Corporation is a pure holding company registered in accordance with the laws of the Republic of Panama. Sky Re’s business model is to reinsure insurance policies generated by subsidiaries of G.B. Group Corporation. AM Best recognizes Sky Re’s strategic role in its group’s overall strategy; however, Sky Re’s business profile is considered limited given the nature of its operation, which limits its accessibility to other markets when compared with other reinsurers.

The ratings also reflect Sky Re’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and its balance sheet strength assessment at the strong level that considers the size of its capital base. The company shows sound operating performance and its affiliation with G.B. Group Corporation provides synergies and operating efficiencies, which reflect its consistent premium sufficiency metrics since it started operations.

AM Best expects Sky Re will remain at the strongest level of risk-adjusted capitalization, considering its premium growth targets, conservative investment strategy, as well as its sound underwriting practices that generate a sound level of bottom-line results.

Positive rating actions could take place if Sky Re’s capital base increases while maintaining its risk-adjusted capitalization at the strongest level. Factors that could lead to negative rating actions include an adverse change in AM Best’s perception regarding the level of the company’s strategic importance to G.B. Group Corporation and its organization. Negative rating actions could also take place if Sky Re’s balance sheet strength deteriorates to a level not supportive of the current assessment.

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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