Ratings agency AM Best has affirmed the financial strength rating of A- (Excellent) of Builders Re and Builders Directs, two Luxembourg-based subsidiaries of HOCHTIEF, a German construction company.
This rating reflects Builders Re’s excellent risk-adjusted capitalisation, strong operating performance and its importance to the HOCHTIEF group as a risk management tool, providing predominantly group-related casualty and credit reinsurance cover.
The ratings agency expects Builders Re’s risk-adjusted capitalisation to remain excellent, supported by good internal capital generation.
Builders Re's provides cover for risks emanating from HOCHTIEF's contruction operations in North America.
Builders Direct's ratings reflect its strategic importance to Builders Re as a source of business growth and diversification, as well as explicit support from Builders Re in the form of reinsurance protection.
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AM Best, Ratings, Captives, HOCHTIEF, Europe