OLDWICK, NJ–(GOOD BUSINESS)–AM Great Vantage Risk Ltd has maintained a Financial Strength Rating of A- (Strong) and a Long-Term Credit Rating of “a-” (Good). (Bermuda) and its affiliates, Vantage Risk Specialty Insurance Company (Wilmington, DE) and Vantage Risk Assurance Company (Wilmington, DE), which do business as Vantage Group. The outlook for these Credit Ratings (estimates) is stable.
The ratings reflect the strength of Vantage Group’s balance sheet, which AM Best considers very strong, as well as its strong operating performance. performance, limited business information and proper enterprise management.
The confirmation of the awards follows the beginning of two years of operations for the group. Operating income was significantly impacted by an increase in defaults in the group’s reinsurance operations for the second consecutive year; however, AM Best expects the combined estimates for 2022 to improve over 2021. In response to the increase in volatility, the group has implemented a plan to remove harmful businesses from its balance, but continue to offer through their insurance-linked securities (ILS). ) car. This strategy is expected to provide Vantage with additional revenue while reducing volatility in operating results.
The group continues to expand its primary insurance after the start of 2021 due to various operational challenges. As the group continues to implement its business plans, the reinsurance fund will be smaller than the previous filing and will have less of an impact on the bottom of the section. AM Best will continue to monitor the group’s progress as it enters its third year of operations. AM Best expects that the group’s performance will begin to stabilize as it implements its business plan.
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