Bermuda-based North End Re Ltd has been assigned a financial strength rating of A- (Excellent) and a long-term issuer credit rating of “a-” (Excellent) by AM Best.

The outlook assigned to these credit ratings is stable.

AM Best said the ratings reflect North End Re Ltd’s balance sheet strength, which it assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The agency said the ratings also reflect North End Re Ltd’s plan of making a significant capital investment to keep an appropriate level of risk-adjusted capital, as measured by Best’s capital adequacy ratio, and regulatory risk-adjusted capital.

It added that the company expects to use external and internal revolving lines of credit.

North End Re Ltd has recently closed one transaction, reinsuring $1.6 billion of fixed deferred annuities, the agency said.

AM Best said North End Re Ltd’s parent, Brookfield Asset Management Reinsurance Partners Ltd, is a publicly traded reinsurance company focused on providing capital-based solutions to insurance companies.

BAM Re seeks capital-intensive business to leverage its asset management and sourcing capabilities.

AM Best said BAM Re recently acquired American National Group Inc in an all-cash transaction valued at approximately $5.1 billion.

The agency said North End Re Ltd complements geographically its sister company, North End Re (Cayman) SPC, which also is starting its reinsurance operations.

It added that the company has another sister company, Brookfield Annuity Company, that provides pension risk transfer solutions in Canada.