AM Best Revises Outlooks to Positive and Affirms Credit Ratings of Interplus Re Limited

MEXICO CITY--(BUSINESS WIRE)--AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Interplus Re Limited (Interplus) (Barbados).

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

The positive outlooks reflect AM Best’s expectations that Interplus will continue strengthening its capital base, through prudent capital management and profitable results, to sustain its business plan to maintain current rating levels.

Interplus is a reinsurance company incorporated under the Laws of Barbados on Aug. 11, 2021, as a Class 2 License Insurance Company. Interplus is 98% owned by INTEHO Limited, based in Barbados. Interplus offers reinsurance products mainly focused on property business, which accounts for almost 65% of its gross written premium portfolio, followed by surety and credit lines (14%), life and health (8.8%), construction and engineering (7%) and the remaining (less than 4%) in marine, aviation, and transport. More than two-thirds of the businesses underwritten by Interplus originates in Latin America and the Caribbean, with moderate concentration in Ecuador (29% of gross written premium as of December 2025). The remaining 28% of its portfolio is distributed across Asia (23%), Europe (4%), Africa (1%) and Oceania (less than 1%). Interplus reached USD 66.59 million in gross written premium in 2025, its fourth year of operation. AM Best assesses Interplus’ business profile as limited due to the recent creation of the company and its small size within a highly competitive global market.

AM Best assesses Interplus’ balance sheet strength as strong, reflecting the expected volatility of a startup company, its developing investment strategy and adjusting risk profile. The company’s capital base has grown since its foundation to USD 48.04 million as of December 2025, reflecting three years of positive net results and shareholder support from significant capital infusions. AM Best expects Interplus to continue strengthening its capital base through profitable results and prudent capital management.

Interplus reported positive bottom-line results of USD 20 million as of December 2025. Reserve adjustments benefited technical results, allowing for a combined ratio of 53%, well within premium sufficiency levels. AM Best expects Interplus to remain profitable through adequate risk selection and stable expenses.

Positive rating actions could take place if Interplus is able to strengthen its capital consistently through reinvestment of earnings or capital infusions, demonstrating stability at the strongest level.

Negative rating actions could take place if Interplus’ operating performance deteriorates to a point no longer supportive of the adequate assessment and losses further weaken the company’s balance sheet strength.

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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