AM Best Revises Outlooks to Positive and Affirms Credit Ratings of Interplus Re Limited

JULY 17, 2026 01:23 PM (EDT)

AM Best Revises Outlooks to Positive and Affirms Credit Ratings of Interplus Re Limited

CONTACTS:

FOR IMMEDIATE RELEASE

MEXICO CITY - JULY 17, 2026 01:23 PM (EDT)
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb+" (Fair) of Interplus Re Limited (Interplus) (Barbados).

The Credit Ratings (ratings) reflect Interplus' balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The positive outlooks reflect AM Best's expectations that Interplus will continue strengthening its capital base, through prudent capital management and profitable results, to sustain its business plan to maintain current rating levels.

Interplus is a reinsurance company incorporated under the Laws of Barbados on Aug. 11, 2021, as a Class 2 License Insurance Company. Interplus is 98% owned by INTEHO Limited, based in Barbados. Interplus offers reinsurance products mainly focused on property business, which accounts for almost 65% of its gross written premium portfolio, followed by surety and credit lines (14%), life and health (8.8%), construction and engineering (7%) and the remaining (less than 4%) in marine, aviation, and transport. More than two-thirds of the businesses underwritten by Interplus originates in Latin America and the Caribbean, with moderate concentration in Ecuador (29% of gross written premium as of December 2025). The remaining 28% of its portfolio is distributed across Asia (23%), Europe (4%), Africa (1%) and Oceania (less than 1%). Interplus reached USD 66.59 million in gross written premium in 2025, its fourth year of operation. AM Best assesses Interplus' business profile as limited due to the recent creation of the company and its small size within a highly competitive global market.

AM Best assesses Interplus' balance sheet strength as strong, reflecting the expected volatility of a startup company, its developing investment strategy and adjusting risk profile. The company's capital base has grown since its foundation to USD 48.04 million as of December 2025, reflecting three years of positive net results and shareholder support from significant capital infusions. AM Best expects Interplus to continue strengthening its capital base through profitable results and prudent capital management.

Interplus reported positive bottom-line results of USD 20 million as of December 2025. Reserve adjustments benefited technical results, allowing for a combined ratio of 53%, well within premium sufficiency levels. AM Best expects Interplus to remain profitable through adequate risk selection and stable expenses.

Positive rating actions could take place if Interplus is able to strengthen its capital consistently through reinvestment of earnings or capital infusions, demonstrating stability at the strongest level.

Negative rating actions could take place if Interplus' operating performance deteriorates to a point no longer supportive of the adequate assessment and losses further weaken the company's balance sheet strength.

The methodology used in determining these ratings is Best's Credit Rating Methodology (Version Aug. 29, 2024), which provides a comprehensive explanation of AM Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Key insurance criteria reports utilized:

• 
  
• Evaluating Country Risk (Version June 6, 2024)
• 
  
• Understanding Global BCAR (Version Sept. 18, 2025)
• 
  
• Catastrophe Analysis in AM Best Ratings (Version Feb. 27, 2026)
• 
  
• Available Capital and Insurance Holding Company Analysis (Version Sept. 18, 2025)
• 
  
• Rating New Company Formations (Version Sept. 5, 2024)
• 
  
• Scoring and Assessing Innovation (Version Feb. 20, 2025)
• 
  

View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, relevant sources of information and the frequency for updating ratings, please refer to Guide to Best's Credit Ratings.

• 
  
• Previous Rating Date: June 20, 2025
• 
  
• Initial Rating Date: June 20, 2025
• 
  
• Date Range of Financial Data Used: Dec. 31, 2022-Dec. 31, 2025
• 
  

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to rating(s) that have been published on AM Best's website. For additional 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.

If the ratings referred in this press release do not indicate a specific country suffix, it is understood that they are granted globally and not on a national scale.

AM Best does not validate or certify the information provided by the client in order to issue a credit rating.

While the information obtained from the material source(s) is believed to be reliable, its accuracy is not guaranteed. AM Best does not audit the company's financial records or statements, or otherwise independently verify the accuracy and reliability of the information; therefore, AM Best cannot attest as to the accuracy of the information provided.

The information sources used are based on information provided by the entity and/or its agents and/or advisors, considering public information and confidential information owned by the rated companies. Such information may include, but is not limited to, the following: audited annual and quarterly financial statements, business plans, financial projections and audit reports.

For more information on the scope of the information provided, please refer to the "Information Sources" section in policies and procedures.

AM Best's credit ratings are independent and objective opinions, not statements of fact. AM Best is not an Investment Advisor, does not offer investment advice of any kind, nor does the company or its Ratings Analysts offer any form of structuring or financial advice. AM Best's credit opinions are not recommendations to buy, sell or hold securities, or to make any other investment decisions. View our entire notice for complete details.

AM Best receives compensation for interactive rating services provided to organizations that it rates. AM Best may also receive compensation from rated entities for non-rating related services or products offered by AM Best. AM Best does not offer consulting or advisory services. AM Best keeps certain activities of its business units separate from each other to preserve the independence and objectivity of their respective activities. As a result, certain business units of AM Best may have information that is not available to other AM Best business units. AM Best has established policies and procedures to maintain the confidentiality of certain confidential (non-public) information received in connection with each analytical process.

For more information regarding AM Best's rating process, including handling of confidential (non-public) information, independence, and avoidance of conflicts of interest, please read the AM Best Code of Conduct.

For information on the proper use of Best's Credit Ratings (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) 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 specializing 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.