Credit ratings agency AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to InEvo Re, a Bermuda-based specialist life reinsurer backed by Macquarie Asset Management, with a stable outlook.
AM Best explained that these ratings reflect the reinsurer’s “very strong” balance sheet strength, adequate operating performance, limited business profile, appropriate enterprise risk management, and strong capital support from its parent.
InEvo Re, launched in early 2025, is a wholly owned subsidiary of Macquarie Group and is a Class E Bermuda regulated reinsurer. The reinsurer is purpose built for asset-intensive reinsurance, designed to support life insurers in de-risking long-dated liabilities, such as pension risk transfer.
AM Best explained, “While InEvo Re Ltd. is a new entrant to the reinsurance market; it benefits from the operational support and investment expertise of Macquarie Group and Macquarie Asset Management, particularly in private credit and long-duration asset strategies aligned with its long-term liabilities.”
According to Best’s Capital Adequacy Ratio (BCAR), InEvo Re has the strongest level of risk-adjusted capitalisation. InEvo Re maintains very strong balance sheet metrics, and the parent does provide explicit support to ensure capital is maintained above targets, explained the credit ratings agency.
Additionally, AM Best predicted that InEvo Re will achieve near-term profitability and maintain prudent expense management, creating a scalable operating platform to support future growth.
The reinsurer’s performance is largely driven by investment, with profitability analysis assessed on a deal-by-deal basis, as InEvo Re is expected to specialise in longer-term dated liabilities.
Lastly, AM Best notes the reinsurer has benefited from a growing demand for asset-intensive reinsurance across its core markets, which is driving operating performance, “nevertheless, InEvo Re remains a new entrant into an already competitive market segment.”
Last month, Alex Brogden joined the company as Chief Underwriting Officer.
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