Worldwide Reinsurance Limited, based in Trinidad and Tobago, has had its B+ (Good) financial strength rating and “bbb-” (Good) long-term credit rating affirmed by AM Best. The outlook for both ratings is positive.
According to AM Best, the positive outlook is tied to improvements in Worldwide Re’s enterprise risk management, including changes to its non-proportional retrocession structure and enhancements in corporate governance.
Established in 2013, Worldwide Re provides reinsurance capacity across property, marine, and liability lines. Its operations are geographically diversified, with most of the business located in Europe, and additional exposure in Oceania, Asia, Central America, South America, and the Caribbean.
Worldwide Re has consistently grown its capital base through earnings reinvestment, posting a compound annual growth rate of 10.5% as of 2024.
For 2024, the company reported a combined ratio of 72.7% and a return on equity of 31.4%. These results were supported by growth in premium volume, controlled expenses, and the release of excess reserves.
Investment income remains a contributor to the company’s overall results, though AM Best has stated that Worldwide Re is not reliant on this revenue stream to achieve profitability.
Individual ratings aside, the global reinsurance market continues its growth pace in recent years. Dedicated reinsurance capital reached US$729 billion by the end of 2023, a 12% increase from the previous year. The growth was driven by strong earnings among traditional reinsurers and an uptick in alternative capital inflows.
This increase in sector capital availability may also present expanded capacity options for companies like Worldwide Re as they continue to grow their premium base and expand geographically.
S&P Global Ratings also projected continued stability for the global reinsurance sector through 2025, supported by robust capitalization and strong operating profitability.
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