AM Best has affirmed credit ratings for Stonefort Reinsurance S.A. while upgrading ratings for Greenlight Capital Re, Ltd. and its subsidiaries, according to announcements released this week.
Stonefort Reinsurance S.A., a Luxembourg-based subsidiary of Germany’s HOCHTIEF Aktiengesellschaft, maintained its financial strength rating of A- (Excellent) and long-term issuer credit Rating of “a-” (Excellent). The outlook for these ratings remains stable.
The ratings reflect the company’s very strong balance sheet, strong operating performance, limited business profile, and appropriate enterprise risk management, according to AM Best. The firm’s risk-adjusted capitalization stands at the strongest level as measured by Best’s Capital Adequacy Ratio.
Stonefort Reinsurance demonstrated strong operating performance between 2020 and 2024, recording a five-year weighted average combined ratio of 80.5%, as calculated by AM Best. The company discontinued its retrocession program in 2024, which will expose its balance sheet to higher volatility going forward. However, AM Best expects the company’s risk-adjusted capitalization to remain at the strongest level due to low underwriting leverage.
The firm’s business profile reflects a geographically concentrated portfolio of casualty risks from HOCHTIEF’s construction operations in North America. The company also writes a small but growing open-market reinsurance book.
In a separate action, AM Best upgraded Greenlight Capital Re, Ltd.’s credit ratings. The financial strength rating for Greenlight Reinsurance, Ltd. and Greenlight Reinsurance Ireland rose to A (Excellent) from A- (Excellent). Their long-term issuer credit ratings increased to “a” (Excellent) from “a-” (Excellent). The Long-Term Issuer Credit Rating for parent company Greenlight Capital Re, Ltd. was upgraded to “bbb” (Good) from “bbb-” (Good). The outlooks were revised to stable from positive.
The upgrades reflect steadily improving operating performance in recent years, according to AM Best. Investment results have stabilized and contributed to net income, while underwriting results have become more profitable. The first nine months of 2025 produced some of the strongest underwriting results in the company’s history.
