AM Best Affirms Credit Ratings of Scotia Reinsurance Limited
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OLDWICK - JUNE 09, 2021 02:39 PM (EDT)
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of a+ (Excellent) of Scotia Reinsurance Limited (Scotia Re) (Barbados). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Scotia Re s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect rating enhancement from the company s sister entity, Scotia Insurance (Barbados) Limited (SIB), based on the transfer of the original block of business in 2017
Scotia Re is primarily a life reinsurance subsidiary that assumes non-Canadian business, largely from Mexico, South and Central America and the Caribbean, sourced through retail operations of the company s ultimate parent, The Bank of Nova Scotia (Scotiabank). The initial book of business was assumed in 2017 from SIB, whic