NORTHERNLIGHT REINSURANCE GROUP INC (NLRe) FINANCIAL STRENGTH RATING UPGRADED TO “AA” FROM “AA-” FOR THE LATIN AMERICA REGION BY PACIFIC CREDIT RATING (PCR) FOR PERIOD ENDING DECEMBER 31, 2023
May 30, 2024, Nevis, St. Kitts and Nevis – Northernlight Reinsurance Group Inc. (formerly
Northernlight Insurance Company Inc), an international reinsurance company based in Nevis,
St Kitts and Nevis, announced their Financial Strength Rating for the Latin American Region
was upgraded to “AA” from “AA- “on May 28, 2024, by the rating agency, Pacific Credit Rating
(PCR). for the period ending December 31, 2023. Outlook was determined to be “Stable”. The
upgrade was based on Northernlight’s consistent growth in premium and profitability over an
extended period of time.
Per PCR: “The rating is based on the constant growth of income from written premiums focused
on Other lines (specie insurance, maritime and transportation), generating comfortable levels of
liquidity, adequate levels of profitability and adequate levels of solvency. Additionally, the
experience of the reinsurer in the international market is considered as well as the business
model which retains almost one hundred percent risk.”
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, and
December 31, 2023, ratings in the AA rating category with Stable or Positive Outlook. PCR
provides the following rating categories for insurance 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 timeframes, 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.
NLRe is a private company with operations in more than thirty countries and has senior
executives experienced in insurance, reinsurance, bonds, and capital markets. It specializes,
primarily in treaty reinsurance, specialty facility reinsurance, and facultative reinsurance
produced from six business areas: Yacht Reinsurance, Specialty Lines, Surety Reinsurance,
French Construction Guarantees, Facultative Property, Marine, Cargo, and Aviation Risk and
reinsurance of specialized Underwriting Facilities.
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
