Credit rating agency AM Best has upgraded Worldwide Re’s Financial Strength Rating (FSR) to B++ (Good) from B+ (Good) and its long-term issuer credit rating (Long-Term ICR) to “bbb” (Good) from “bbb-” (Good).
Meanwhile, AM Best has revised Trinidad and Tobago Reinsurance’s FSR outlook to stable from positive, while its long-term ICR outlook is positive.
The ratings agency said the assigned rating reflects Global Re’s balance sheet strength, which it assesses as very strong, good operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The upgrade also reflects the reinsurer’s improved corporate risk management profile through its established corporate governance capabilities and its non-proportional retrocession structure.
Additionally, the positive outlook for long-term ICR is driven by the company’s ability to maintain continued strong operating performance, which supports its expanding capital base and drives its global growth plans.
Worldwide Re started operations in 2013 and provides reinsurance capabilities for property, marine and liability business in Europe and Asia, where the majority of its business is located, as well as Oceania, Central America, South America and the Caribbean.
Worldwide Re operates through a network of brokers, intermediaries and managing general agents.
Global Re’s solid capital management, geographically diversified premiums and continued underwriting quality and profitability are also reflected in the ratings.
However, AM Best notes that these positive rating factors are partially offset by a highly competitive landscape in its target geographic markets as well as a challenging economic environment.
The company’s capital base continues to grow over time through the reinvestment of earnings, growing at a CAGR of 21.7% through 2025, primarily driven by sound underwriting practices.
In 2025, Global Re achieved a combined ratio of 71.9% and a return on equity of 49%, driven by revenue growth, expense control and the release of excess reserves. AM Best expects lower risk retention, expanded geographic coverage and the use of a reliable reinsurance group to help future acquisition expenses offset claims bias.
While financial revenue contributes to performance, the company does not rely on it for positive profits. In addition, Worldwide Re regularly reviews its underwriting guidance to improve underperforming business units.
AM Best warned that positive rating action could be taken if the company is able to maintain favorable trends in underwriting performance while maintaining current risk-adjusted capital levels.
Negative rating action could occur if Global Re’s operating results deteriorate to a level that no longer supports the rating.
