AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Eureka-Re SCC (Eureka) (Barbados). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Eureka’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 stable outlooks reflect AM Best’s expectation that Eureka’s overall balance sheet strength will continue to benefit from appropriate ERM practices and a positive operating performance.

Eureka, established in Barbados in 2009, is a regional reinsurer in Latin America. The company underwrites mostly lower layers of facultative programs, originated through managing general agents. While most of the premium taken by the company is sourced from Latin America, it has diversified internationally, investing in seasoned personnel and systems. AM Best assesses Eureka’s business profile as neutral, recognizing the company’s evolving geographic diversification and its capacity to assume risks; AM Best will continue to monitor these assumed risks and the company’s performance in newer territories.

AM Best assesses Eureka’s balance sheet strength at the very strong level, as the availability and quality of its capital have strengthened through positive bottom-line results, limited risk takings and a policy to reinvest earnings. The company is subject to catastrophe-related losses, and as a result, has implemented a stringent risk modeling procedure and adjusted its retentions according to its experience, further enhancing its reinsurance program with a high-quality panel of reinsurers. Investments are set to match insurance obligations, with a proprietary portfolio aimed at achieving yield and developing business opportunities. AM Best will continue to monitor these investments and the impact on the company’s risk-adjusted capitalization.

AM Best assesses Eureka’s operating performance as adequate, as it has sustained profitable performance in 2024 through its technical capacities. These results reflect Eureka’s continuous strengthening of its ERM practices and adjustments in underwriting and retentions that have adapted successfully to the evolving business landscape.

Negative rating actions could take place if Eureka’s risk-adjusted capitalization diminishes due to undertaking higher risks mainly in underwriting or investing. Positive rating actions could take place in the medium term if there is a positive trend in the company’s operating performance backed by stability in net results and quality of underwriting.

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