AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of Cowen Reinsurance S.A.

JANUARY 15, 2026 09:37 AM (EST)

AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of Cowen Reinsurance S.A.

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FOR IMMEDIATE RELEASE

AMSTERDAM - JANUARY 15, 2026 09:37 AM (EST)
AM Best has maintained the under review with negative implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" (Good) of Cowen Reinsurance S.A. (Cowen Re) (Luxembourg).

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

Cowen Re's ratings were placed under review with negative implications initially on June 15, 2023. This was due to the uncertainty regarding Cowen Re's future ownership, given that AM Best does not expect the company to form a part of Toronto-Dominion Bank's (TD Bank) long-term plans. Additionally, the negative implications status reflects the uncertainty regarding the company's strategic plans and the negative trend on the company's business profile, which puts the company under expense strain. Cowen Re's five-year weighted average combined ratio (2020-2024) stood at 122.9% (as calculated by AM Best).

The resolution of TD Bank's plans for Cowen Re has taken longer than AM Best originally expected. The ratings will remain under review with negative implications until AM Best has gained certainty regarding the company's long-term ownership and business plans.

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 Activityweb 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 (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.