OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of North End Re (Cayman) SPC (Cayman Islands) (NERC).
Following the recent closure of Brookfield Reinsurance Ltd.’s [NYSE: BNRE, BNRE.A] acquisition of American Equity Investment Life Holding Company (AEL) [NYSE:AEL], the strategy for subsidiary NERC is under review by AM Best. In 2021, prior to the acquisition, NERC entered into a reinsurance agreement with AEL affiliate American Equity Investment Life Insurance Company, whereby NERC agreed to assume up to $10 billion of fixed deferred annuities. NERC has managed the assumed business profitably over the following two years. Until more clarity on the strategy is communicated to AM Best analysts, the ratings will remain under review with developing implications.
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