AM Best has affirmed the Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of 'a+' (Excellent) of Cavello Bay Reinsurance Limited (Cavello Bay) (Bermuda), a subsidiary of Enstar Group Limited (Enstar) (Bermuda).

The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Cavello Bay's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

The affirmation reflects a continuation of Enstar's robust capitalization through its acquisition by Sixth Street Partners, LLC (Sixth Street). In recent years, Enstar has established itself as a market leader in the non-life runoff space and continues to introduce new products to service short-tailed and insurance-linked securities solutions as well. AM Best anticipates that the business model will remain generally consistent under the ownership of Sixth Street.

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's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide 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 view Guide 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.

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