Barbados-based reinsurer Active Capital Reinsurance (Active Re) has announced AM Best's affirmation of its Financial Strength Rating (FSR) of 'A' (Excellent) and its Long-Term Issuer Credit Rating (Long-Term ICR) of 'a' (Excellent). The outlook for these ratings is stable.
This affirmation extends a nine-year track record in AM Best's “Excellent” category, with balance sheet strength assessed as strongest.
Risk-adjusted capitalisation remains at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). This is maintained by the consistent growth of the company's capital base, driven by reinvestment of earnings and capital contributions.
The stable outlook also reflects the company's ability to maintain strong operating metrics driven by consistent underwriting practices, which continue to strengthen its capital structure. The company also maintains a conservative underwriting leverage. As of December 2025, its net premiums written (NPW)-to-surplus ratio stood at 1.13x, reflecting a capital structure that supports the development and expansion of the company's operations.
AM Best also highlights Active Re's adequate retrocession programme, placed among a diversified group of reinsurers with good security levels. The programme minimises counterparty credit risk exposures and strengthens the protection of the company's operations.
In terms of operating performance, assessed by AM Best as Strong, Active Re’s stable profitability metrics stand out, supported by a disciplined and adaptable underwriting strategy. During 2025, the Company further strengthened its focus on underwriting quality, including business managed through delegated authorities, which has delivered sound technical results. As of August 2026, Active Re continued to report strong underwriting metrics and positive bottom-line results. Another key pillar highlighted is the continued development of the Company’s appropriate Enterprise Risk Management (ERM) framework.
“This affirmation by AM Best reflects the consistency with which we have built our growth and the discipline we maintain in every decision. We continue to strengthen our capital structure and our underwriting practices, always keeping our focus on profitability and prudent risk management. For Active Re, growing means doing so with sound judgement, on sustainable foundations and with the financial and technical capacity needed to keep building trust and value for our clients, brokers and strategic partners around the world,” said Mr Ramón Martínez Carrera, CEO of Active Re.
Geographically, Active Re maintains a global presence, with business in Asia, America, Europe, Africa and Oceania. Its portfolio combines different lines of business, with underwriting primarily focused on short-term non-catastrophe risks. This mix supports the company's orderly expansion across markets with different dynamics and opportunities.
With this affirmation, Active Re strengthens a track record built on technical discipline, financial strength and a long-term international vision.
The reinsurer currently operates in 129 countries, serves 628 cedents and works alongside a global network of 190 brokers.