Mozart Insurance Ltd, a Class 3A insurer, has had its Financial Strength Rating of B++ (Good) and Long-Term Issuer Credit Rating of "bbb" (Good) affirmed by AM Best. The outlook for both ratings remains stable.

Established in July 2019, Mozart Insurance is owned by Newport International Ltd, which is incorporated in Bermuda.

The company primarily assumes risks from Compañía Mundial De Seguros S.A. (Mundial), a Colombian insurer, through retrocession agreements.

These agreements cover various lines, including auto insurance, lease tenant renting insurance and personal accident coverage for public service vehicle occupants.

According to AM Best, Mozart has a very strong balance sheet, an adequate operating performance, a limited business profile and appropriate enterprise risk management.

The company's risk-adjusted capitalisation stands at the strongest level, as measured by Best’s Capital Adequacy Ratio.

While dividend payments have somewhat limited capital growth, reinvested earnings have contributed to strengthening the capital base over time.

In 2024, Mozart reported a net income of $12.4 million, driven by sufficient premiums and investment income.

The company's underwriting performance has benefited from controlled acquisition expenses, despite some claims volatility.

However, Mozart remains susceptible to foreign exchange fluctuations, given that its business is conducted in Colombian pesos, while its reporting currency is the US dollar, according to the agency.

”AM Best considers Mozart’s ERM to be appropriate, as it is well-integrated into its operations; risk appetite and tolerance are well-defined,“ the report noted.

Positive rating actions could occur if Mozart continues to strengthen its capital base while maintaining strong risk-adjusted capitalisation and consistent operating performance.

Conversely, negative rating actions could result from erosion of the capital base due to deteriorating operating performance or major cash withdrawals, according to the report.