Athora Subsidiaries assigned Investment Grade Ratings by AM Best
PEMBROKE, Bermuda – Athora Holding Ltd. (together with its subsidiaries, “Athora”) is pleased to announce that members of its group have been assigned inaugural credit ratings by AM Best.
Athora’s principal reinsurance subsidiaries, Athora Life Re Ltd. (“Athora Re”) and Athora Ireland plc (“Athora Ireland”), have both been given Financial Strength Ratings of B++ and Long-Term Issuer Credit Ratings of bbb+ with a stable outlook. According to AM Best, Athora Re’s ratings reflect its balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). Athora Ireland’s ratings reflect its balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings also factor in their strategic importance to Athora: Athora Re and its subsidiary, Athora Ireland, are expected to provide third party and intra-group reinsurance, which are core features of Athora’s business plans.
“We are pleased with AM Best’s recognition of our strong balance sheet and appropriate ERM,” said Michele Bareggi, Group Managing Partner at Athora. “This is the second set of ratings for our reinsurance subsidiaries, providing further comfort to stakeholders and support for our reinsurance activities. We remain fully focused on building a leading insurance and reinsurance business in Europe.”
For the latest rating, access www.ambest.com.
About Athora Holding Ltd.
Athora, through its subsidiaries, is a specialist solutions provider in the European insurance and reinsurance market. The company offers acquisition, portfolio transfer and reinsurance solutions to insurers to free up capital, management capacities and operating resources. The Company’s principal operational subsidiaries are Athora Lebensversicherung AG, located in Wiesbaden, Germany, Generali Belgium NV/SA, located in Brussels, Belgium, Athora Ireland plc, located in Dublin, Ireland, and Athora Life Re, a Bermuda-domiciled reinsurer. The Athora group has over 800 employees, 800,000 policyholders, and total consolidated assets of approximately €15 billion. For more information see www.athora.com.
About Athora Life Re Ltd.
Athora Life Re Ltd. is a Bermuda-based reinsurance carrier. Together with Athora Ireland plc, it provides innovative and creative capital optimisation and risk management solutions to European life insurers. This entity has been rated by Fitch Ratings as BBB+ with a stable outlook and by AM Best as B++ with a stable outlook.
About Athora Ireland plc
Athora Ireland plc, based in Dublin, Ireland, is Athora’s European reinsurance hub. Together with Athora Life Re Ltd., it provides innovative and creative capital optimisation and risk management solutions to European life insurers. This entity has been rated by Fitch Ratings as BBB+ with a stable outlook and by AM Best as B++ with a stable outlook.