AM Best has upgraded the credit ratings of Worldwide Reinsurance Limited, a reinsurer domiciled in Trinidad and Tobago. The agency raised Worldwide Re's Financial Strength Rating to B++ (Good) from B+ (Good) and its Long-Term Issuer Credit Rating to "bbb" (Good) from "bbb-" (Good).
The FSR outlook moved to stable from positive, while the Long-Term ICR outlook remains positive. AM Best expects Worldwide Re to sustain its operating performance and grow its capital base in support of geographical expansion.
AM Best assessed Worldwide Re's balance sheet strength as very strong. The upgrades follow improvements to the company's ERM profile through established corporate governance capabilities and a nonproportional retrocession structure.
Worldwide Re posted a combined ratio of 71.9% in 2025 and a return on equity of 49%. AM Best attributed the result to top-line growth, controlled expenses, and a release of excess reserves.
The company's capital base has grown at a compound annual growth rate of 21.7% as of 2025. That compares with 10.5% as of 2024, when AM Best last reviewed the company's ratings. Reinvestment of earnings has driven that growth. AM Best noted that Worldwide Re does not rely on investment returns to deliver positive bottom-line performance.
AM Best expects future acquisition expenses to offset claims deviations as Worldwide Re reduces risk retention. The company regularly reviews its underwriting guidelines to address segments that deviate from performance targets.
Worldwide Re launched operations in 2013 to write property, marine, and liability business. It operates through brokers, intermediaries, and managing general agents, with a geographic spread across Europe, Asia, Oceania, Central America, South America, and the Caribbean.
AM Best noted that competitive conditions in Worldwide Re's target markets represent a partial offset to its positive rating factors. Property reinsurance pricing has softened across the Caribbean and reinsurance capacity constraints have moderated, according to an AM Best market segment report from February 2026.
Worldwide Re is not alone in earning a rating lift in this environment. East Caribbean Reinsurance Company Limited (ECRC) received the identical upgrade from AM Best in June. Global reinsurance capital reached US$648 billion in 2025, up 11% year-on-year while demand grew only 1.4%. That gap has pushed pricing lower and shifted negotiating power to buyers across multiple lines.
AM Best said positive rating actions could follow if Worldwide Re maintains favourable underwriting trends while holding its current level of risk-adjusted capitalisation. A deterioration in operating performance to a level no longer supportive of the ratings would risk a negative action.
