May 14, 2025, Nevis, St. Kitts and Nevis – Northernlight Reinsurance Group Inc., an international reinsurance company based in Nevis, St Kitts and Nevis, announced their “Outlook” was upgraded by the rating agency, Pacific Credit Rating (PCR) to “POSITIVE” from “STABLE” on May 9, 2025, while their Financial Strength Rating (FSR) was reaffirmed at “AA” for the period ending December 31, 2024. Both the Outlook and Financial Strength Ratings were for the Latin American Region. The Outlook upgrade and FSR reaffirmation were based on Northernlight’s consistent growth in premium and profitability over numerous business lines for an extended period.
Per PCR: “The ratings were based on the business model, which retains almost 100 percent of the risk, as well as the reinsurer’s experience in the international market. It also considers the steady growth in written premium income focused on other lines (specie, marine, and transport insurance), property insurance, and aviation insurance. This contributed to stable loss levels, generating adequate liquidity, profitability, and low debt levels.“
Northernlight began operations in February of 2015 and has subsequently received, for the periods ending December 31, 2021, June 30, 2022, December 31, 2022, June 30, 2023, December 31, 2023, June 30, 2024, and December 31, 2024 ratings in the AA Rating category with Stable or Positive Outlook. PCR provides the following rating categories for insurance and reinsurance companies: AAA(the highest rating category), AA, A, BBB, BB, B, C, D, E(the lowest).
The AA rating category corresponds to those entities judged to have a very high capacity to pay their obligations in the agreed terms and time frames, and who would not likely be affected strongly by changes in the entity, industry, or economy. Their safety factors are strong while the risk is modest. A rating can be supplemented by means of a “+” sign or a “-” sign, improving or somewhat lessening a rating within a particular rating category.
Northernlight is a private company with offices in 9 countries and premiums from 85 countries in 2024. Northernlight’s executives are experienced in reinsurance, insurance, bonds, and capital markets. The company specializes in specialty facility reinsurance, facultative reinsurance and treaty reinsurance produced from the following business areas: Marine Reinsurance, Surety Reinsurance, French Construction Guarantees, Property Reinsurance, Casualty Reinsurance, Energy Risk, and Aviation Risk.
Pacific Credit Rating is one of the leading and most respected rating agencies in Latin America, operating in 11 countries and boasting more than 500 clients from 5 continents. Currently, PCR has offices in Bolivia, Ecuador, Perú, El Salvador, Costa Rica, Panamá, Guatemala, México, Nicaragua, Honduras, and the Dominican Republic.
Media Relations
Lane A. Jaslow
Senior Vice President
Regulatory and Investor Relations
l.jaslow@northernlight.biz