Log In

The agency also affirmed the long-term ICR of “a” (Excellent) of the organisation’s non-operating holding company

The company is a single-parent captive of Swiss-based SGS SA

The company acts primarily as an internal reinsurer for its affiliates, Lloyd’s Syndicate 2987 and Brit UW Ltd

The agency said the company’s balance sheet strength continues to be maintained by its very strong level of risk-adjusted capitalisation

The Itochu subsidiary was given an excellent financial strength rating

The change comes on the heels of Fitch Ratings raising Fortitude Re’s Outlook to Positive from Stable

The Class 3 captive insurance company was set up on the island in 2004

The company is a specialty underwriter with a broad degree of geographic presence and product line

Rated companies include Hannover Re (Bermuda) Ltd and Hannover Life Reassurance Company of America (Bermuda) Ltd

The reinsurer, which commenced operations in 2016, is sponsored by Axis Capital Holdings Ltd and The Blackstone Group Inc

The company is a wholly owned subsidiary of Michigan-based Hagerty Insurance Holdings Inc, a provider of specialty insurance for classic vehicles

The Class E insurer was registered with the Bermuda Monetary Authority in September