RAM Re receives A- rating from AM Best
Reaseguradora America, a Cayman-domiciled segregated portfolio company, also known as RAM Re, that is structured and managed by Folio Insurance Management has been assigned a financial strength rating of A-(Excellent) and an issuer credit rating of “a-“ by AM Best.
The rating agency said that the ratings reflect “adequate capitalisation and explicit parental support...[and] Ram Re’s strategic role as an alternative risk transfer vehicle.”
AM Best indicated that “initially, RAM Re will operate as a Cayman Islands-based segregated portfolio company with a core and three cells, which will underwrite monthly cover for its participants.”
RAM Re will underwrite lines including bancassurance, property and casualty (excluding catastrophe cover), credit and debit card fraud, unemployment benefits and short-term group life related products for its parent company, ASSA Compania Tenedora, which is a wholly-owned subsidiary of Panamanian-domiciled, Grupo ASSA, an IT transformation company.
Simon Owen, managing principal of Folio Insurance Management and its affiliated broking and consultancy practice, Hyperion Risk Solutions, commented:"this fantastic achievement suitably reflects the considerable efforts of the senior management teams of both ASSA and Folio. We are immensely proud to be a part of RAM Re's structural beginnings, licensure and subsequent rating by Best's.
As a boutique, multi-jurisdictional captive management practice, Folio's key differentiator continues to be our innovative, solutions-based approach to insurance management and our intricate understanding of emerging markets. RAM Re's approval and rating provides further testament to that approach.
RAM Re is uniquely positioned to provide reinsurance and captive solutions in an ever changing and growing Latin American marketplace and regulatory environment. With three cells in process and others already under negotiation, we firmly believe that the Cayman Islands' flexible legislative framework will further assist RAM Re in its goal for consistent and long-term growth. We sincerely look forward to working with ASSA to ensure that RAM Re becomes one of the region's major success stories."