AM Best Upgrades Credit Ratings of Ocean International Reinsurance Company Limited

MARCH 26, 2026 02:20 PM (EDT)

AM Best Upgrades Credit Ratings of Ocean International Reinsurance Company Limited

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FOR IMMEDIATE RELEASE

MEXICO CITY - MARCH 26, 2026 02:20 PM (EDT)
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to "a" (Excellent) "a-" (Excellent) of Ocean International Reinsurance Company Limited (Ocean Re) (Barbados). The outlook of these Credit Ratings (ratings) was revised to stable from positive.

The ratings reflect Ocean 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 (ERM).

The rating upgrades recognize the disciplined underwriting by Ocean Re to deploy its capital with profitable results. The company's operating performance metrics are strong, in conjunction with growth targets based on its diversified geographical exposures, new business and successful growth of the risk-bearing portfolio.

Ocean Re is a Barbados-based reinsurer, licensed as a Class 2 insurance company, which offers a diversified product mix worldwide with a relevant presence in Latin America. Ocean Re also offers facultative reinsurance programs, which are funded fully to its clients' projected ultimate losses. Ocean Re's business development strategy clearly identifies an increase in the proportion of traditional reinsurance in its portfolio, as compared with its captive portfolio.

Ocean Re's regional geographic footprint has continued to expand, with a presence in 86 countries as of December 2024, and the ability to further diversify its insured risks throughout Latin America, Asia, the Middle East and North Africa, among other regions. To improve its underwriting further, the company has acquired some of its business partners' operations (including personnel), gaining expertise and exclusivity over those channels, regions and markets.

Ocean Re's risk-adjusted capitalization stands at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), and has benefited from profitable results up to Sept. 30, 2025. In addition, the broader geographic diversification could reflect an improvement in the required capital over the medium term; however, AM Best will continue to monitor the influence of the holding company on Ocean Re's balance sheet strength, due to its financial leverage and evolving corporate structure.

Ocean Re's operating performance in 2024, and up to September 2025, resulted in net income, due to good levels of premium sufficiency derived from the performance of its expanding traditional reinsurance lines and from the nature of its captive business. Up to September 2025, results point to a consolidation of the underwriting strategy in some markets, while others are still being developed, with appropriate ERM policies and procedures to mitigate any upcoming risk.

Negative rating actions could occur from material changes to operating performance trends, either as a result of losses or implementation risk of the business strategy. Also, negative rating actions could occur if there is an increase in the holding company's financial leverage putting pressure on Ocean Re's balance sheet strength. While unlikely, positive rating actions could take place as a result of the continued growth of the company's capital base in the medium term, supportive of the current level of risk-adjusted capitalization, and successful consolidation of the business diversification strategy.

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)

· 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: Feb. 20, 2025

· Initial Rating Date: Jan. 27, 2014

· Date Range of Financial Data Used: Dec. 31, 2020-Sept. 30, 2025

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