AM Best Affirms Credit Ratings of Eureka-Re SCC
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Eureka-Re SCC (Eureka) (Barbados). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Eureka’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The stable outlooks reflect AM Best’s expectation that Eureka’s overall balance sheet strength will continue to benefit from appropriate ERM practices and positive operating performance.
Eureka, established in Barbados in 2009, is a regional reinsurer in Latin America. The company underwrites mostly lower layers of facultative programs, originated through managing general agents. While most of the premium generated by the company is sourced from Latin America, it has diversified internationally, investing in seasoned personnel and systems. AM Best assesses Eureka’s business profile as neutral, recognizing the company’s extensive geographic diversification and its capacity to assume risks; AM Best will continue to monitor these assumed risks and the company’s performance in newer territories.
