AM Best Assigns Credit Ratings to Aspida Re Cayman Ltd.

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Aspida Re Cayman Ltd. (AReC) (Cayman Islands). The outlook assigned to these Credit Ratings (ratings) is stable.

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

AReC provides reinsurance solutions to its U.S. affiliate, Aspida Life Insurance Company (ALIC), and select third parties. AReC is licensed as a Class B (iii) insurance company incorporated in the Cayman Islands and treated as a U.S. resident for tax purposes.

The ratings also reflect one notch of lift based on AReC’s strategic importance to the lead rating unit, Aspida Holdings Ltd. Additionally, the company benefits from capital support and the lead rating unit’s ERM framework.

It is AM Best’s expectation that AReC will maintain its current level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), over the long term. When including funds held in reinsurance contracts, the company’s investment portfolio is composed primarily of structured assets, which are considered higher risk, and corporate assets. However, it is important to note that the entity benefits from Ares Insurance Solutions’ investment expertise. Asset and liability durations are managed in the same manner as the broader organization and are matched tightly.

Operating profitability is expected to improve over the medium to long term, as the strain from new business softens over time. At present, the majority of AReC’s premium is ceded by its affiliate, ALIC. Premium is forecast to increase substantially over the next five years, primarily through affiliated reinsurance agreements.

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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