NPRE Amends Withdrawal from AM Best Rating, Strengthens Asset Position

Photo Courtesy of: NPRE

/EIN News/ -- LONDON, March 27, 2025 (GLOBE NEWSWIRE) -- Notwithstanding AM Best's recent rating withdrawal for Newpoint Reinsurance Company Limited (NPRE), the company remains financially strong, achieving record growth in key performance metrics for 2024.

The withdrawal, caused by methodological constraints in assessing NPRE's parent company, NFG SA, does not suggest any deterioration of the company's financial state.
Previously, NPRE held a B+/BBB- rating, and AM Best consistently recognized its strong balance sheet strength. In response to the withdrawal, NPRE has initiated negotiations with other rating agencies that are better aligned with NFG SA’s asset structure and capital strategy.

Record-Breaking 2024 Financial Results

Though the AM Best rating withdrawal presents a temporary challenge, NPRE’s financial trajectory remains strong, as highlighted by its most recent annual results:

• Insurance Revenue: $330.8 million (a 53% increase compared to the previous year)
• Total Assets: $689.4 million (a 24% year-over-year growth)
• Total Cash & Investments: $317 million (a 174% rise from 2023)
  

These figures underscore NPRE’s financial stability and expansion, reinforcing its position as a major player in the international reinsurance industry.

A Strategic Shift Towards More Consistent Rating Agencies

Due to AM Best’s inability to properly evaluate NFG SA’s unique capital and asset structure, the withdrawal of its rating was expected. Rather than risk misrepresentation, NPRE is actively engaging with rating agencies that can provide a more precise assessment of its financial standing. NPRE is fully committed to transparency, financial stability and delivering top-tier customer service.

The company’s management views this transition as an opportunity to secure a rating that more accurately reflects its financial strength and market position. Keith D. Beekmeyer, CEO of NFG SA, explains, “Although AM Best’s decision is not what we had hoped for, it does not change our core reality: NPRE is financially stronger than ever. Our balance sheet, cash reserves and insurance revenue have all significantly increased, positioning us for sustained success. We are moving quickly to collaborate with rating agencies that are better suited to our corporate structure."

Looking Forward: A Robust Future for NPRE

As NPRE expands its global operations, the company remains dedicated to providing high- value solutions in the reinsurance sector. With strong liquidity, rapid growth and a focus on obtaining an optimized rating, NPRE is well positioned to maintain its leadership in the industry.

As NPRE finalizes agreements with new rating agencies, stakeholders can expect further updates in the coming months. In the meantime, the company’s strong financial performance and strategic direction will help ensure it remains a trusted and resilient partner in the global reinsurance market.

Contact
Spokesperson: Monika Alfordi
Name of Company: NPRE
Website: https://npre.kn/
Email Address: monika.alfordi@tralonka.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/839aceea-3886-44e5-a2ff-8c8e52832ebc