October 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 affirmed at “AA” on October 11, 2024, by the rating agency, Pacific Credit Rating (PCR), for the period ending June 30, 2024. Outlook was affirmed at “Stable”. The affirmations were based on Northernlight’s consistent growth in premium and profitability over numerous business lines for an extended period.
Per PCR: “The rating is based on the constant growth of income from written premiums focused on Other lines (specie, marine and transport insurance); as well as on the stable levels of claims, generating adequate levels of liquidity and adequate levels of profitability, and the low levels of indebtedness are also considered. Additionally, the reinsurer’s experience in the international market is taken into account, as well as the business model which retains almost one hundred percent of the 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, December 31, 2023, and June 30, 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 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.
Northernlight 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 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, Peru, El Salvador, Costa Rica, Panama, Guatemala, Mexico, Nicaragua, Honduras, and the Dominican Republic.
Media Relations Lane A. Jaslow Senior Vice President
Regulatory and Investor Relations
l.jaslow@northernlight.biz
