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The decision was made based on the firm’s significant underwriting performance improvement

The news came as the agency affirmed the financial strength of the Bermudian-based Class 2 insurer

The credit ratings agency says insurance group maintains the strongest level of risk-adjusted capitalisation

Agency says it anticipates the group’s operating performance will continue to improve as its business plan is executed

The ratings agency says the NAIC and BMA have enhanced regulatory reforms to better assess reinsurers’ risk

The agency also affirmed the ratings of the Bermudian-based company and its subsidiaries

The agency said the company has a mix of affiliated business assumed from Fidelity Investments Life Insurance Company

The ratings agency has assigned a financial strength rating of A- (Excellent) and a long-term issuer credit rating of “a-” (Excellent)

AM Best’s rankings apply to the Bermudian-based parent company as well as to its subsidiaries

The agency’s comments follow the company’s fiscal year 2024 earnings release

The Florida-based company is led by Bermuda market veteran Stephen Weinstein

The outlook of the ratings is negative, reflecting the execution risks associated with the group’s projections as presented to AM Best