AM Best Affirms Credit Ratings of North End Re Ltd.

Key Terms

financial strength rating financial

A financial strength rating is an assessment of an organization's overall financial health, indicating how well it can meet its financial commitments. Think of it as a report card that shows whether a company or institution is financially stable and capable of withstanding economic challenges. This rating helps investors gauge the level of risk involved in engaging with or investing in that organization.

long-term issuer credit rating financial

A long-term issuer credit rating is an independent assessment of an organization’s ability to repay its debts over several years, like a report card that summarizes how likely it is to meet loan and bond obligations beyond the short term. Investors use it to judge risk and expected returns: higher ratings usually mean lower borrowing costs and safer bond investments, while lower ratings signal greater default risk, similar to choosing whether to lend money to a careful neighbor or a risky one.

risk-adjusted capitalization financial

Risk-adjusted capitalization is a measure that shows how much financial strength a company has, taking into account the potential risks it faces. It adjusts the total value of a company's capital to reflect the likelihood of losses, helping investors understand how well the company can withstand financial setbacks. Think of it as measuring a building’s strength not just by its size, but also by how well it can handle strong winds or earthquakes.

revolving lines of credit financial

A revolving line of credit is a flexible loan a company can draw from, repay, and draw again up to an agreed limit, much like a business credit card. It matters to investors because it provides short-term cash for operations, helps smooth uneven revenues, and can prevent a company from needing emergency financing; changes in its availability, cost, or lender-imposed rules can significantly affect a company’s financial stability and future borrowing needs.

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OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of North End Re Ltd. (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect North End Re Ltd.’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile, appropriate enterprise risk management, and support from the parent organization, Brookfield Wealth Solutions Ltd. (BWS).

The company’s risk-adjusted capitalization is assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), although some volatility in balance sheet strength metrics is expected over the near term as more business is assumed. As operations increase in scale, the company also is expected to utilize available internal and external revolving lines of credit to provide liquidity and maintain capital levels. To date, North End Re Ltd. has closed one transaction in third-quarter 2021, reinsuring $1.6 billion of fixed deferred annuities. The company is planning to assume annuity-type business from European and/or other Asian markets over the near term.

North End Re Ltd.’s parent, BWS, is a publicly traded company [NYSE, TSX: BNT], which is focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions. The parent provided the initial capitalization of North End Re Ltd. in 2021 to complete its first reinsurance transaction, and continues to provide ongoing operational support.

Offsetting the favorable attributes of North End Re Ltd. is the lack of new transactions over the last four years, which has exemplified the competitive space the company operates in. AM Best notes that the company was initially quick in establishing itself, showing early success against competitors and does not compromise on underwriting standards to acquire new business.

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 Performance Assessments, 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 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. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260604907491/en/

Kevin Varvaro
Senior Financial Analyst
+1 908 882 2410
kevin.varvaro@ambest.com

Stephen Vincent
Associate Director
+1 908 882 1705
stephen.vincent@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source: AM Best