AM Best has revised the outlook for FGH Parent, LP and its subsidiaries (collectively, Fortitude Re) to stable from negative and affirmed its financial strength rating of A (Excellent) and long-term issuer credit rating of “a” (Excellent).
FGH Parent, LP’s insurance and reinsurance subsidiaries include Fortitude Reinsurance Company Ltd., Fortitude Life Insurance & Annuity Company and Fortitude International Reinsurance Ltd.
Fortitude Re’s revised outlook reflects the continued stability of its operating performance and the strength of its capital position.
AM Best described Fortitude Re’s balance sheet strength as very strong, supported by the strongest level of risk-adjusted capital as measured by Best’s capital adequacy ratio (BCAR).
AM Best noted that Fortitude Re expects to maintain similar levels of capital strength when executing the transaction, supported by the financial flexibility to obtain additional capital should it be needed to support its underwriting business.
Alan Stewart, Managing Director and Group Treasurer of Fortitude Re, said: “The affirmation of the A (Excellent) rating and the revision to Stable Outlook are meaningful signs of the progress we have made towards consistent execution of our strategy and effective capital management.
“We remain focused on maintaining our balance sheet at the highest level while thoughtfully growing and diversifying our business, which we believe will support the growth trajectory recognized by AM Best.”
