AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of Kelvin Re Limited

AM Best has maintained the under review with negative implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Kelvin Re Limited (Kelvin Re) (Guernsey).

These Credit Rating (rating) actions reflect AM Best’s expectation that Kelvin Re’s ownership will change, and the uncertainty regarding the impact of this on the company’s prospective financial strength. AM Best expects to resolve the under review status once a full analysis of the company’s credit fundamentals can be performed, including the impact of its new ownership.

Since Kelvin Re entered runoff in December 2020, its underwriting exposures have diminished significantly. The company produced a loss of USD 5 million in the first 11 months of 2021.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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William Keen-Tomlinson
Senior Financial Analyst
+44 20 7397 4395
will.keen-tomlinson@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Tim Prince
Director, Analytics
+44 20 7397 0320
timothy.prince@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com