AM Best assigned Bridgehaven’s newly acquired wholly-owned subsidiary Bridgehaven Europe Specialty DAC (BES) a financial strength rating of A- (Excellent) and a long-term issuer credit rating of “a-” (Excellent).
As previously reported, Bridgehaven completed the acquisition and capitalization of BES (formerly SureStone Insurance DAC) on December 2 last year, after obtaining all necessary regulatory approvals.
At the time, the deal was described as a key milestone in Bridgehaven’s European growth strategy, with the hybrid insurer expecting BES to play a central role in strengthening its growing network of MGA partners across the EU.
AM Best said the rating with a stable outlook reflects BES’s strategic importance to Bridgehaven as its only licensed and capitalized risk carrier within the EU, as well as its key role in supporting the group’s recently announced plans to enter the EU market.
The ratings agency added that BES benefits from its integration with the Bridgehaven business and complements the group’s existing presence in the UK’s mixed frontier business, where underwriting rights are delegated to partner MGA, while retaining only a small portion of the risk.