AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Genesis Global Re Limited (Genesis) (Nassau, Bahamas). The outlook of these Credit Rating (ratings) is stable.

The ratings reflect Genesis’ strategic importance as a subsidiary of La Colonial, S.A. - Compañía de Seguros (La Colonial), which on a consolidated basis, has a balance sheet strength that AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The ratings also reflect Genesis’ affiliation with its ultimate parent company, La Colonial, which is a leading insurer in the Dominican Republic, supported by a strong parental guarantee, in place since September 2022. Genesis also is integrated in all core processes and ongoing strategic initiatives of the group. Offsetting these positive factors is the inherent risk of a startup company implementing its business plan, as well as distribution channel and product concentration.

Genesis is a startup reinsurance company 100% owned by Altos International LLC, which in turn is owned fully by La Colonial. Genesis’ main business purpose is to retain risk exposures that currently are transferred to the market or retained by La Colonial. Genesis’ capacity is handled through La Colonial’s reinsurance broker, Wahr Re.

Genesis offers general insurance, including the following risks: motor vehicle, property and liability. Due to the nature of the startup company’s strategy, there is concentration in a single distribution channel, and exposure to catastrophe insurance. As of December 2024, Genesis presented USD 9.4 million in net income.

Genesis is considered part of La Colonial’s group rating unit due to AM Best’s expectation that La Colonial will support Genesis to the full extent of its financial strength. This is reflected by the strong parental guarantee and explicit capital support, as well as Genesis’ strategic importance to the group as a vehicle to diversify operations outside the Dominican Republic.

If positive rating actions are taken on La Colonial, as a result of its ability to maintain its current level of risk-adjusted capitalization while improving its bottom-line results and profitability indicators to levels more in line with highly rated peers, it would result in positive rating action on Genesis. If any negative rating actions are taken on La Colonial, as a result of any major changes in its capital base, such as significant dividends or capital outflows, which diminish AM Best’s view of the company’s balance sheet strength, it would result in negative rating actions being taken on Genesis.

A change in AM Best’s perception regarding the strategic importance of Genesis to the group also could impact Genesis’ 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.

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