AM Best Affirms Credit Ratings of Assured Guaranty Re Overseas Ltd.

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa” (Superior) of Assured Guaranty Re Overseas Ltd. (AGRO) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

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

AGRO’s risk-adjusted capitalization is maintained at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s BCAR scores have improved compared to last year despite further exposure growth, driven mainly by AGRO’s entrance into a new affiliate reinsurance agreement. The company’s strong liquidity position, conservative investment portfolio and well-positioned financial flexibility due to its affiliation with Assured Guaranty Re Ltd., the indirect parent, and Assured Guaranty Ltd. (AGL), the ultimate parent, as well as AGRO’s active capital management, provide support for the balance sheet strength assessment of strongest.

AM Best assesses AGRO’s operating performance as adequate based on its operating results, which have been historically driven primarily by investment income but now benefit from increased underwriting income as the company increases its exposure to new and existing lines of business. The increasing premium base also continues to reduce AGRO’s combined ratios over the past few years.

AM Best assesses AGRO’s business profile as neutral. The company’s exposures have increased significantly since 2024 owing to the addition of new lines of business and growth within existing lines. AGRO has limited competition with a minimal number of players in these lines of business. AGRO continues to actively seek new opportunities in non-financial guaranty business, as well as expanding into select lines of business that have become more programmatic over the past couple of years.

AGRO’s overall ERM assessment is appropriate, as it employs a robust ERM framework and infrastructure embedded across the AGL group of companies, of which AGRO is a member. AM Best considers AGRO’s risk assessment capabilities to be aligned appropriately with its risk profile.

The ratings also take into consideration the benefits and support AGRO receives from the AGL group of companies—a broader, successful franchise—and its importance to AGL’s overall business strategy and profile.

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.

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