Jacana Re, established in Bermuda in 2004 and re-domiciled to Guernsey in 2013, underwrites the risks from the parent company’s operations in South Africa and Australia.
The upgrade reflects improved enterprise risk management practices, policies and procedures around Trisura’s risk management of US captive reinsurance contracts.
The negative outlooks are based on the declining trend in Vermont Mutual’s risk-adjusted capitalisation in recent years, which has created pressure on its overall balance sheet assessment.
The ratings reflect NICI’s balance sheet strength, which AM Best assesses as “very strong”, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
AM Best's analysis highlights that balance sheet strength was a primary factor influencing both upgrades and downgrades, with inflation also impacting profitability across both sectors.
AM Best has assigned a financial strength rating of “A” (Excellent) and a long-term Issuer credit rating of “a+” (Excellent) to Rodeo Insurance Company
AM Best has assigned a financial strength rating of “A-” (Excellent) and a long-term Issuer credit rating of “a-” (Excellent) to Relsure Vermont
