AM Best Affirms Credit Ratings of Redbridge Insurance Company Limited and Redbridge Insurance Company

MEXICO CITY--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bbb” (Good) of Redbridge Insurance Company Limited (RICL) (St. James, Barbados) and Redbridge Insurance Company (RIC) (Puerto Rico). The outlook of the FSR is stable while the outlooks for the Long-Term ICRs remain positive.

The affirmation for the Credit Ratings (ratings) of RIC reflects its reinsurance agreement with RICL. These ratings also reflect RICL’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The positive outlooks of the Long-Term ICRs reflect AM Best’s expectation that RICL will be able to maintain its favorable trend in operating performance and the reinforcement of its capital position supportive of strongest levels of risk-adjusted capitalization as measured by Best’s Capital Adequacy Ratio (BCAR), while sustaining its sound business strategy characterized by consistent global expansion, which is driven by geographic, product offering, and distribution channel diversification.

RICL is an insurance and reinsurance company founded in December 2010, and is part of Redbridge Holding, LLC, a company specialized in the management of insurance and reinsurance. Most members of RICL’s management team have worked together for many years in developing and expanding the company; consequently, the company has achieved significant growth in recent years. Companies incorporated into RICL’s organizational structure in the latter years continue to provide services primarily to RICL, bolstering management’s commitment to continue expanding RICL. RIC plays a key role in facilitating the group strategy to operate directly in Puerto Rico with travelers’ insurance; parental support reflected in a 95% quota share agreement. RICL’s main line of business is health insurance, with a complete network of operations that has enabled growth mainly in the Latin American and Caribbean markets. As of December 2025, health insurance constituted 47.5% of RICL’s portfolio, followed by property/casualty insurance with 40%, travel insurance with 7.4%, and the remaining 5.3% in life. The company has grown in an orderly and disciplined manner globally and is currently diversified among 145 countries with its largest concentration in Mexico (14.1%).

RICL’s balance sheet was reinforced through a USD 7 million capital infusion in 2025. Nonetheless, it is still subject to volatility derived from pressures stemming from changes in its asset structure, cession profile and net business portfolio distribution and growth.

RICL’s loss ratio remains contained driven by consistent improvements in its underwriting portfolio. Moreover, after the incorporation of the additional entities into the organization, the company’s cost-revenue structure shifted, increasing profitability. The company has maintained its retention, with an underwriting portfolio reflecting business expansion initiatives. As of year-end 2025, RICL reflected sound underwriting and profitability metrics characterized by a 90.9% combined ratio, and a return-on-equity ratio of 17%.

Positive ratings actions could take place if RICL sustains its favorable underwriting performance, in conjunction with a reinforced capital base, which supports its strongest levels of risk-adjusted capitalization, while maintaining a favorable business strategy. Negative rating actions could also occur as a result of a deterioration in the credit profile of RICL's holding company. Negative rating actions could occur if underwriting results deteriorate and erode the company's capital base and reduce risk-adjusted capitalization to a level that no longer supports 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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