Sapphire Re’s rating outlook changed to positive

Sapphire Re, a captive reinsurer related to a large privately owned conglomerate with operations across multiple business sectors in Latin America, has had its rating outlook changed to positive from stable by AM Best.

The rating agency also affirmed its financial strength rating of B++ (Good).

Sapphire was incorporated on September 6, 2005, and operates subject to the provisions of the Companies Act of the Cayman Islands.

The company is a captive reinsurer related to a large privately owned conglomerate with operations across multiple business sectors in Latin America, including industrial, motor, textile, pipe manufacturing, public transport and waste management.

It provides coverage through reinsurance and retrocession agreements with duly registered and approved reinsurers in jurisdictions where the underlying risk is located, such as Colombia, Chile and El Salvador. 

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.