AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) of
The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect NGRe's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The neutral business profile considers NGRe's strategic role as a captive insurer for its parent,
The rating affirmations reflect NGRe's continued profitable operations, which have resulted in consistent growth in surplus. NGRe's balance sheet strength and the risks associated with its asset-backed securities (ABS) investments support its balance sheet strength. Although ABS investments have decreased over the past two years, they remain a material portion of NGRe's portfolio. The company's ABS investments originate at
NGRe is a single-parent captive of
As a member of the
AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in
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 media use of Best's Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and AM Best Rating Action Press Releases.
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