AM Best Removes From Under Review With Positive Implications and Upgrades Credit Ratings of IQUW Re Bermuda Limited

LONDON--(BUSINESS WIRE)--AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a+” (Excellent) from “a-” (Excellent) of IQUW Re Bermuda Limited (Starr Re) (Bermuda). The outlook assigned to these Credit Ratings (ratings) is positive.

In addition, AM Best has removed from under review with positive implications and upgraded the Long-Term Issue Credit Rating to “bbb+” (Good) from “bbb-” (Good) on $170 million senior unsecured notes, due 2035, issued by IQUW Holdings Bermuda Limited (IQUW). The outlook assigned to this rating is positive.

The ratings reflect Starr Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also consider, in the form of rating enhancement, support received from Starr Insurance & Reinsurance Limited (SIRL).

The rating actions follow the completion of SIRL’s acquisition of IQUW. IQUW’s operations have since been rebranded as Starr, and AM Best expects that Starr Re will merge into its new parent over the short term, subject to obtaining the appropriate regulatory approvals. The rating upgrades reflect AM Best’s recognition of the support provided to Starr Re by its parent, SIRL, with Starr Re expected to benefit from the favourable financial flexibility, capital resources and market profile of its parent company.

Starr Re’s ratings are underpinned by its strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which has been supported by full earnings retention and good underwriting performance in recent years. Starr Re writes intra-group reinsurance and has a small-but-growing book of third-party reinsurance.

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 specialising 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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