AM Best lifts Worldwide Re ratings on capital growth, underwriting

The positive outlook on the long-term ICR reflects the company's ability to sustain strong operating performance that supports its expanding capital base and global growth initiatives, AM Best said.

Launched in 2013, Worldwide Re provides reinsurance capacity for property, marine, and liability lines across Europe, Asia, Oceania, Central America, South America, and the Caribbean. It operates through a network of brokers, intermediaries, and managing general agents.

AM Best noted that positive rating factors are partially offset by a highly competitive landscape in its target geographic markets and a challenging economic environment. The agency expects that lowering risk retention, expanding geographically, and using a solid reinsurance panel will help future acquisition expenses offset claim deviations.

Positive rating actions could occur if Worldwide Re maintains a favorable trend in underwriting performance while keeping current risk-adjusted capitalization levels, AM Best said. Negative actions could follow if operating performance deteriorates below a level supportive of the ratings.