Sky Re secures rating from AM Best

Sky Re, a Barbados-domiciled single-parent captive reinsurer, reinsuring insurance policies generated by subsidiaries of GB Group Corporation, has been assigned a rating by AM Best.

The rating agency has assigned a financial strength rating of B+ (Good) to Sky Reinsurance. The outlook assigned to these ratings is stable.

GB Group Corporation is a pure holding company registered in accordance with the laws of the Republic of Panama.

The ratings reflect Sky Re’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The ratings also reflect Sky Re’s affiliation to its organisation and parent company, G.B. Group Corporation, in terms of capital support, ERM framework and overall strategies and objectives.

AM Best recognises Sky Re’s strategic role in its group’s overall strategy; however, Sky Re’s business profile is considered limited given the nature of its operation, which it said limits its accessibility to other markets when compared with other reinsurers.

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