AM Best has revised its outlook on Interplus Re Limited to positive from stable. The move marks a shift in the rating agency's view of the Barbados-based reinsurer's capital trajectory, four years after its founding.
The agency affirmed Interplus Re's financial strength rating at B (Fair) and its long-term issuer credit rating at "bb+" (Fair). AM Best expects the company to continue strengthening its capital base through profitable results and prudent capital management.
Interplus Re was incorporated in Barbados on August 11, 2021 as a Class 2 licensed insurer. It is 98% owned by INTEHO Limited, also based in Barbados.
The company's capital base reached US$48.04 million as of December 2025. Three years of positive net results and shareholder support have driven that growth. Gross written premium reached US$66.59 million in 2025, the company's fourth full year of operation.
AM Best rates Interplus Re's balance sheet strength as strong, while noting the expected volatility of a startup operation and its developing investment strategy. The business profile is rated as limited, given the company's recent formation and its small size within a competitive global reinsurance market.
Interplus Re posted bottom-line results of US$20 million for the year ending December 2025. Reserve adjustments supported technical performance and the company recorded a combined ratio of 53%. AM Best expects the company to remain profitable through disciplined risk selection and stable expenses.
Property reinsurance accounts for almost 65% of Interplus Re's gross written premium. Surety and credit lines follow at 14%, life and health at 8.8%, and construction and engineering at 7%.
More than two-thirds of business originates in Latin America and the Caribbean. Ecuador accounts for 29% of gross written premium as of December 2025, a level AM Best describes as moderate concentration. The remaining 28% of the portfolio spans Asia, Europe, Africa, and Oceania.
That geographic profile puts Interplus Re in one of the most actively contested reinsurance renewal markets of mid-2026. The July Latin America renewal completed with rate reductions of 15% to 20% on property catastrophe excess of loss programmes, according to Howden Re. Over-placement and rising ceding commissions further characterised conditions across the region.
AM Best said positive rating action could follow if Interplus Re strengthens its capital consistently through earnings reinvestment or additional infusions. Negative action could result if operating performance deteriorates or losses weaken the balance sheet.
AM Best's overall assessment covers adequate operating performance, appropriate enterprise risk management and a limited business profile. All three sit alongside a strong balance sheet assessment.
