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OLDWICK, N.J.--(BUSINESS WIRE)--Mar 31, 2023--
AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Wentworth Insurance Company Limited (Wentworth) (Barbados). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Wentworth’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also are enhanced by the benefits the company derives from its position in the Fairfax Financial Holdings Limited (Fairfax) enterprise. In addition, the ratings of Wentworth are supported by the company’s historically profitable underwriting performance and favorable loss reserve development.
The ratings were placed under review on Sept. 2, 2022, due to volatility in Wentworth’s risk-adjusted capital position, driven mainly by investment market fluctuations. At the time, the company was evaluating solutions to bring the risk-adjusted capitalization back to prior levels and reduce the ongoing volatility. By year-end 2022, Wentworth’s investment portfolio went through significant de-risking and Fairfax contributed capital to enhance risk-adjusted capitalization. Following the execution of management’s action plan and support from Fairfax, it is AM Best’s expectation that Wentworth’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), will remain within the very strong range.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please viewGuide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please viewGuide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visitwww.ambest.com.
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CONTACT: Christopher Pennings, CPCU
Financial Analyst
+1 908 439 2200, ext. 5611
christopher.pennings@ambest.com
Dan Hofmeister, CFA, FRM, CAIA, CPCU
Senior Financial Analyst
+1 908 439 2200, ext.
dan.hofmeister@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com
KEYWORD: NORTH AMERICA UNITED STATES EUROPE CARIBBEAN BARBADOS NEW JERSEY
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: AM Best
Copyright Business Wire 2023.
PUB: 03/31/2023 11:25 AM/DISC: 03/31/2023 11:25 AM
http://www.businesswire.com/news/home/20230331005340/en