AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Bridgehaven Europe Specialty DAC (BES), a newly acquired wholly owned subsidiary of Bridgehaven.
As previously reported, Bridgehaven completed the acquisition and capitalisation of BES, formerly SureStone Insurance DAC, on December 2 last year, following receipt of all required regulatory approvals.
At the time, the deal was described as a major milestone in Bridgehaven’s European growth strategy, with the hybrid insurer expecting BES to play a central role in strengthening its expanding network of MGA partners across the EU.
AM Best said the ratings, which carry a stable outlook, reflect BES’s strategic importance to Bridgehaven as its only licensed and capitalised risk carrier within the EU, as well as its critical role in supporting the group’s recently announced plans to enter the EU market.
The rating agency added that BES benefits from its integration into Bridgehaven’s operations and is complementary to the group’s existing business as a hybrid fronter in the UK, where underwriting authority is delegated to partner MGAs while only a small portion of risk is retained.
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