November 14, 2025, Nevis, St. Kitts and Nevis – Northernlight Reinsurance Group Inc, an international professional reinsurer based in Nevis, St Kitts and Nevis, announced that on November 10, 2025, HR Ratings affirmed Northernlight’s Country Scale financial strength rating of AA with Stable Outlook for Mexico (NL’s largest market).
Northernlight also announced that on November 10, 2025, HR Ratings affirmed Northernlight’s Global Scale financial strength rating of BBB- (G) with Stable Outlook. This rating is officially classified as investment-grade equivalent on an international scale. The investment-grade is confirmed by HR Ratings position as a US SEC-registered Nationally Recognized Statistical Rating Organization (NRSRO), NAIC mappings in the US, and EBA/ESMA mappings in the EU as well as numerous industry announcements and general acceptance.
Both ratings are attributed to strong solvency indicators, a conservative investment portfolio and strong operating performance. Both ratings are good through November 2026, unless otherwise changed.
ABOUT THE BBB- (G) GLOBAL LONG-TERM RATING AND SOLVENCY II
Northernlight Reinsurance Group Inc. has been assigned a global-scale long-term financial strength rating of HR BBB- (G) by HR Ratings with Stable Outlook. According to EBA/ESMA mapping of all eligible ratings from EU approved Credit Rating Agencies (CRA), this rating falls under the triple B category and therefore maps to Credit Quality Step 3 (CQS 3).
HR BBB-(G) rating (mapped to CQS 3) meets the minimum EU threshold for full recognition of reinsurance recoverables by European cedants. From the Supervisory Statement on Supervision of Reinsurance Concluded with Third Country Insurance and Reinsurance Undertakings (EIOPA-BoS-24-075, published April 2024, Section 2.1): “third-country reinsurers based in a non-equivalent third country may be recognized in the Basic Solvency Capital Requirement, for their own merits if their financial strength (ratings) is equal or above CQS 3 under Article 211 of the Solvency II Delegated Regulation.” Everything below CQS 3 would be considered speculative grade.
Of course, this is not a guarantee nor the only thing to consider and each cedant should conduct a prudential assessment, particularly as counterparty default is considered.
ABOUT NORTHERNLIGHT REINSURANCE GROUP INC.
Northernlight is a privately-held reinsurer with over 150 cedants across 86 countries. and has senior executives who are highly experienced in insurance, reinsurance, bonds, and capital markets. NL Re specializes in facility reinsurance, facultative reinsurance and treaty reinsurance produced from the following business areas: Marine Reinsurance, Surety Reinsurance, Property Reinsurance, Casualty Reinsurance, Energy Risk, Surety and other Bonds and Aviation Risk.
ABOUT HR RATINGS
HR Ratings is the leading Mexican rating agency, issuing more than 2,000 ratings per year. HR maintains a presence in North America, Latin America, and Europe. HR has been approved as one of only 11 Nationally Recognized Statistical Rating Organizations (NRSRO) in the United States by the Securities and Exchange Commission (SEC), the US regulator of markets and securities. Additionally, HR is also registered as one of 27 approved Credit Rating Agencies with the European Securities and Markets Authority (ESMA), the European Union regulator of Insurance and Financial markets. Finally, HR is one of only 11 Credit Rating Agencies approved and registered (only 9 active) with the Financial Conduct Authority (FCA), the UK regulator of the financial services industry (including insurance). HR Ratings is one of only 7 CRA’s worldwide approved by all three of the world’s 3 great CRA regulators – the SEC, the FCA and ESMA.
Media Relations
Lane A. Jaslow
Senior Vice President
Regulatory and Investor Relations
l.jaslow@northernlight.biz