The rating reflects AeBe ISA’s strong risk-adjusted capitalization, high-quality capital, experienced management team, maturing governance and ERM frameworks, and sound asset quality, balanced by increasing investment complexity. The rating also reflects strong liquidity, ALM and operating performance including strong internal capital generation. These strengths are offset by a limited standalone business origination function, as AeBe principally relies on 26North to source reinsurance opportunities, and a concentrated business profile.
AeBe ISA is a 26North reinsurance company licensed and regulated by the Bermuda Monetary Authority (BMA) as a Class E insurer and maintains its own Board, governance framework, financial statements, assets, liabilities, capital and regulatory solvency requirements. AeBe ISA’s core business is to assume relatively predictable, spread-based liabilities—principally fixed indexed annuities (FIA) and multi-year guaranteed annuities…
KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.