AM Best Affirms Performance Assessment of Redbridge Group, LLC

AM Best has affirmed the Performance Assessment (assessment) of PA-3 (Strong) of Redbridge Group, LLC (Redbridge) (Coral Gables, FL). The outlook of the assessment is stable.

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.

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 insurance. The company’s underwriting capabilities are considered strong through the current year. At the heart of Redbridge’s underwriting strategy lies a suite of models developed by its actuarial team. Underwriting capabilities benefit from the expertise and oversight of its management 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 three 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. Key earnings metrics are viewed as strong and benefit from a diverse and sustainable range of services, including reinsurance management and various business support services. AM Best expects improvements in underwriting performance to fuel further earning potential and capital growth. In addition, Redbridge benefits from strong support from its parent company.

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. Furthermore, the company 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, across the Latin America and Caribbean region. Redbridge maintains longstanding relationships with its main capacity providers, as well as strong relationships with a large number of cedents and brokers.

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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