AM Best Under Review: North End Re (Cayman) SPC Credit Ratings with Developing Implications

AM Best has initiated a review with developing implications for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of North End Re (Cayman) SPC (NERC) based in the Cayman Islands.

The recent completion of Brookfield Reinsurance Ltd.’s acquisition of American Equity Investment Life Holding Company (AEL) has prompted AM Best to review the strategy for NERC, a subsidiary of AEL. In 2021, prior to the acquisition, NERC entered into a reinsurance agreement with AEL affiliate American Equity Investment Life Insurance Company, agreeing to assume up to $10 billion of fixed deferred annuities. NERC has effectively managed the assumed business profitably over the past two years. However, until AM Best receives further clarity on NERC’s strategy, the ratings will remain under review with developing implications.

This press release pertains to Credit Ratings published on AM Best’s website. For comprehensive rating information, including disclosures and the responsible office for issuing each rating, please visit AM Best’s Recent Rating Activity web page. For additional insights into the use and limitations of Credit Rating opinions, refer to the Guide to Best’s Credit Ratings. For guidance on the appropriate application of Best’s Credit Ratings, Performance Assessments, Preliminary Credit Assessments, and AM Best press releases, consult the Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company operates in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore, and Mexico City. For further information, visit

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