AM Best Revises Outlook to Positive and Affirms Performance Assessment of Redbridge Group, LLC

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlook to positive from stable and affirmed the Performance Assessment (assessment) of PA-3 (Strong) of Redbridge Group, LLC (Redbridge) (Coral Gables, FL).

The assessment reflects Redbridge’s strong underwriting capabilities, excellent governance and internal controls, strong financial condition, strong organizational talent and strong depth and breadth of relationships.

The outlook revision to positive reflects AM Best’s expectation that Redbridge will continue to execute its controlled growth strategy while maintaining stable and profitable underwriting performance, supported by its experienced management team, diversified fee-based revenue sources, and established network of cedants, brokers and capacity providers. Continued positive movement will depend on Redbridge maintaining underwriting discipline, financial flexibility and relationship stability as the business expands.

Redbridge, a subsidiary of Redbridge Insurance Company Limited, provides a wide range of insurance, reinsurance management and business support services to customers in the United States, Latin America and the Caribbean, particularly in the fields of life and health reinsurance. The company’s underwriting capabilities are considered strong, supported by stable and profitable underwriting results since 2022. These underwriting capabilities are also supported by internally developed underwriting tools, actuarial resources and an experienced underwriting team.

AM Best considers Redbridge’s governance and internal controls to be excellent. Redbridge aligns its interest with key stakeholders through its commission structure and support services. The company’s underwriting results have improved in the past four years under enhanced underwriting controls. Redbridge’s robust technology framework streamlines underwriting processes, enhances transparency and strengthens risk management practices. The company’s exposure to key person risk is mitigated by a detailed and up-to-date succession plan.

Redbridge’s financial condition is assessed as strong. AM Best views the company’s key earnings metrics as strong and those benefit from a diverse and sustainable range of services, including reinsurance management and various business support services. Continued profitability and growth in diversified fee-based revenue are expected to support equity growth over time. In addition, Redbridge benefits from strong support from its parent company. These strengths are partially offset by increased financial leverage following the company’s 2024 real estate acquisition, although leverage and coverage metrics are projected to improve as debt is serviced.

AM Best assesses Redbridge’s organizational talent as strong. Led by an experienced executive team, the company has a clear reporting structure with well-defined roles and responsibilities. Redbridge provides career development opportunities to employees at all levels. Training programs cover a range of topics such as technical skills, industry proficiency and leadership training.

Redbridge’s depth and breadth of relationships are considered strong. The company manages two main programs, health and life, primarily in the Latin America and Caribbean regions. Redbridge maintains longstanding relationships with its main capacity providers, as well as strong relationships with a large number of cedents and brokers. Redbridge has expanded its geographic footprint and relationship network in recent years while sustaining its favorable trend in underwriting results.

This press release relates to Performance Assessments that have been published on AM Best’s website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best’s website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best’s Performance Assessments for Delegated Underwriting Authority Enterprises. 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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