Ark secures AM Best ratings ahead of planned Lloyd’s scale up
Bermuda-based reinsurer Group Ark Insurance (GAIL), a wholly owned subsidiary of Ark Insurance Holdings, has secured a financial strength rating of 'A' and stable outlook from ratings agency AM Best.
The Ark group is a property, casualty and specialty re/insurance group, operating through an established Lloyd’s platform. Ark is seeking to scale up its existing platform at Lloyd’s and commence the underwriting of third-party reinsurance business from Bermuda through GAIL.
GAIL is the group’s Bermuda-based reinsurer, which provides reinsurance of the group’s Lloyd’s corporate member and will write third-party reinsurance business over the business plan period.
AM Best said the rating reflects Ark’s consolidated balance sheet strength, which it categorises as "very strong", as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM), in addition to GAIL’s strategic importance to Ark.
The agency further explained that the assessment is based on the group’s five-year business plan, and Ark’s robust underwriting performance track record at Lloyd’s.
AM Best expects Ark to maintain good technical return metrics over the underwriting cycle, notwithstanding the execution risk associated with its planned scale up.
"Ark’s neutral business profile assessment is reflective of its profile at Lloyd’s, and its current and projected diversified underwriting portfolio," the agency said. "Ark benefits from experienced and stable management and underwriting teams, which serve to mitigate partially the execution risk associated with the material scale up of current operations."
AM Best expects Ark to appropriately leverage its established ERM framework within its current platform to support business plan execution over the coming years.
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