AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Fergus Reinsurance Limited (Hamilton, Bermuda). The outlook of these Credit Ratings (ratings) is stable.

Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.

The ratings reflect Fergus’ balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.

Fergus was incorporated in Bermuda on June 11, 2008, and is registered as a Class 3A insurer under The Insurance Act 1978, and as a segregated accounts company under The Segregated Accounts Company Act 2000.

The company is privately held and currently has a small number of programs in its only active cell and maintains a business profile assessment of limited.

Fergus’ operating performance assessment of marginal reflects its historically volatile underwriting performance, and the inherent challenges and future uncertainties regarding the execution of its long-term business strategy under new ownership since 2018.