Press Release|Insurance

KBRA Affirms Rating for AeBe ISA Ltd.

9 Oct 2026   |   New York

Contacts

KBRA affirms the insurance financial strength rating (IFSR) of A- for AeBe ISA Ltd., an incorporated segregated account of Agam Bermuda ISAC Ltd. The Outlook for the rating is Stable.

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.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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