AM Best Affirms Credit Ratings of Nationale Borg Reinsurance N.V.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Nationale Borg Reinsurance N.V. (NB Re) (Willemstad, Curacao). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect NB Re’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 ratings also reflect the explicit and implicit support received from the Liberty Mutual enterprise via infrastructure, management, other operational support and reinsurance coverage.

The assessment of NB Re’s balance sheet strength reflects its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), as well as the quality of its investments. Offsetting factors in the balance sheet strength assessment is the variability in underwriting results and earnings as NB Re runs off its book of business.

NB Re has discontinued issuance of new policies, and most renewals are being placed on affiliated paper, resulting in the continued adequate operating performance assessment. Based on the historical performance of the company’s business and loss reserves, AM Best anticipates the remaining liabilities will run off adequately over time. However, there may be some variability in year-over-year results as in 2022, with adverse loss reserve development in one overseas bond program that resulted in a significant net loss for that year. AM Best expects that NB Re will continue to service remaining policies through expiration, including any renewals of multiyear policies.

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

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