AM Best Upgrades Credit Ratings of Worldwide Reinsurance Limited

MEXICO CITY--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating (FSR) to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” (Good) from “bbb-” (Good) of Worldwide Reinsurance Limited (Worldwide Re) (Trinidad and Tobago). Concurrently, AM Best has revised the FSR outlook to stable from positive while the outlook of the Long-Term ICR is positive.

The Credit Ratings (ratings) reflect Worldwide 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 (ERM).

The rating upgrades reflect Worldwide Re’s improved ERM profile through established corporate governance capabilities and its nonproportional retrocession structure.

The positive outlook on the Long-Term ICR reflects the company's ability to maintain a consistent sound operating performance, which contributes to the company’s growing capital position in support of its global expansion.

Worldwide Re launched operations in 2013 to provide reinsurance capacity for property, marine and liability lines of business. The company is diversified geographically in Europe and Asia, where the majority of its business is located, along with Oceania, Central America, South America and the Caribbean. Worldwide Re operates through a network of brokers, intermediaries and managing general agents.

The ratings also reflect Worldwide Re’s good and sustained underwriting quality and profitability, solid capital management and geographically diversified premiums. Partially offsetting these positive rating factors are the highly competitive landscape in its target geographic markets amid a challenging economic environment.

The company’s capital base has grown consistently over time through reinvestment of earnings, reflecting a compound annual growth rate of 21.7% as of 2025, mainly driven by sound underwriting practices.

In 2025, Worldwide Re recorded a combined ratio of 71.9% and a return on equity of 49%, enabled by a surge in its top-line growth and well-contained expenses, as well as a release of excess reserves. Additionally, AM Best expects future acquisition expenses to offset deviations in claims as the company decreases its risk retention while expanding consistently in target geographies, along with the use of a good reinsurance security panel. Financial income continues to support Worldwide Re’s results; however, the company is not dependent on this revenue to achieve positive bottom-line results. Worldwide Re constantly reviews its underwriting guidelines to improve the performance of its business segments that are deviating from targets.

Positive rating actions could occur if the company is able to maintain a favorable trend in underwriting performance, while maintaining its current level of risk-adjusted capitalization. Negative rating actions could occur if the company’s operating performance deteriorates to a level no longer supportive of the ratings.

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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