AM Best Affirms Credit Rating of Mozart Insurance, Ltd.
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Mozart Insurance, Ltd. (Mozart) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Mozart’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
The stable outlooks reflect Mozart’s ability to report profitable results, allowing its capital base to strengthen over time, while its business strategy consolidates.
Mozart was incorporated in Bermuda on July 12, 2019, and registered as a Class 3A insurer on Sept. 26, 2019. Mozart is owned by Newport International Limited, also incorporated and registered in Bermuda. Mozart assumes risks from Compañía Mundial De Seguros S.A. (Mundial), an insurance company based in Colombia, through retrocession agreements with Mundial’s global reinsurers. Retrocession programs include proportional coverages under quota share arrangements provided to the auto line of business (third‐party liability and motor comprehensive insurance), lease tenant renting insurance for direct business on rent guarantees, leases of real estate spaces for residential and commercial buildings and personal accidents, which covers accidental death, disability and medical costs for drivers and occupants of public service vehicles. The scale of the operation, coupled with the geographic concentration in a single country, are factors that limit Mozart’s business profile.
