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AM Best Affirms Credit Ratings of Active Capital Reinsurance, Ltd.

By: via Business Wire

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

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

The stable outlooks are based on the company’s capability to maintain a sound operating performance driven by consistent underwriting practices and a solid capital structure.

Active Re’s rating affirmations are due to its stable profitability metrics, supported by a keen underwriting strategy with constant adaptation to the economic environment and a strong operating performance that compares favorably with its peers.

The company’s balance sheet strength is underpinned by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The ratings also reflect Active Re’s adequate reinsurance program and supportive risk management framework for its risk profile. An offsetting rating factor is the strong competitive environment in Active Re’s targeted geographic markets, which the company faces through its global expansion.

Active Re is a Barbados-based reinsurer established in 2007. At year-end 2024, the company operates with net premiums written (NPW) that were composed of property/casualty (56.7%), surety (13.5%) and affinity (29.6%). The company continues to further diversify its geographic footprint in Latin America (27.1%), North America (18.5%) the Middle East (18.5%), Europe (17.4%) and Asia Pacific (18.5%), and focuses its underwriting efforts on short-term non-catastrophe risks. Active Re continues to adapt to the current economic environment by innovating its internal processes, which results in better decision-making.

The company’s capital base, consistently grown through reinvestment of earnings and capital contributions, has helped maintain Active Re’s risk-adjusted capitalization at the strongest level. The company’s expansion strategy continues to be reinforced adequately through consistent improvements to its reinsurance program, placed among a diversified group of reinsurers with good security levels, consequently minimizing counterparty credit risk exposures. Moreover, the company is characterized by a conservative underwriting leverage as reflected by an NPW-to-surplus ratio of 1.48x. Nevertheless, Active Re’s ratings could be susceptible to uncertainty over future underwriting performance, as it expands its business into new geographic markets, automatic contracts and managing general agents.

While expanding its book of business in 2024, Active Re maintained its bottom-line results through contained acquisition expenses. The company has put greater emphasis on the quality of its underwriting allocating acquisition expenses to delegated underwriting authorities that have reported good technical results. As of June 2025, the company continues to report strong underwriting metrics.

The continuous improvement in Active Re’s ERM framework has allowed it to better identify and manage risks. As a result, related party transactions continue to be reduced significantly, improving its financial flexibility.

Negative rating actions could result from deterioration in risk-adjusted capital due to major capital outflows. While unlikely in the short term, positive rating actions could occur if Active Re continues to strengthen its geographic diversification while maintaining profitable results, with a positive effect on its balance sheet.

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.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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