AM Best Affirms Credit Ratings of Berkeley Re Designated Activity Company
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Berkeley Re Designated Activity Company (Berkeley Re) (Ireland). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Berkeley Re’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Berkeley Re is the captive reinsurer for Mondelez International, Inc., a global confectionary, food and beverage company based in the United States.
Berkeley Re’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level at year-end 2025, as measured by Best’s Capital Adequacy Ratio (BCAR). The company benefits from a liquid investment portfolio and low reinsurance dependence. A partly offsetting factor in the assessment is the company’s exposure to large losses within its property line of business, which can lead to volatility in risk-adjusted capitalisation. However, this is mitigated partly by a deed of commitment granted by the captive’s immediate parent company.
