AM Best Revises Sura Re Outlook to Positive
The rating agency updated its long-term outlook for the Bermuda-based captive reinsurer following organic capital growth.
Updated on Oct. 20, 2026 in Corporate Finance
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AM Best has revised the Long-Term Issuer Credit Rating outlook for Sura Re to positive from stable. The agency also affirmed the company's Financial Strength Rating of B++.
Why it matters
The rating revision reflects the company's consistent earnings and organic capital growth. This improvement signals confidence in the reinsurer's ongoing financial stability and capital management strategy.
Sura Re holds a capital base exceeding US$20 million and reported a net result of US$1.6 million in 2025. The reinsurer is majority-owned by Suramericana S.A., which is itself 81.1% owned by Grupo de Inversiones Suramericana S.A.
The players
AM Best
AM Best is a global credit rating agency specializing in the insurance industry.
Sura Re
Sura Re is a Bermuda-based captive reinsurer that is wholly owned by Suramericana S.A.
Suramericana S.A.
Suramericana S.A. is a parent company providing insurance services across Latin America.
Grupo de Inversiones Suramericana S.A.
Grupo de Inversiones Suramericana S.A. is an investment holding company that owns 81.1% of Suramericana S.A.
The details
The Bermuda-based captive reinsurer achieved this positive rating action through consistent earnings and recent capital contributions from its shareholders. Sura Re currently maintains no credit obligations.
Timeline
December 2015: Sura Re was established in Bermuda as a Class 3A insurer.
April 2022: Sura Re was approved to operate as a Class C insurer.
2025: The company reported a net result of US$1.6 million.
October 20, 2026: AM Best revised the outlook for Sura Re to positive.
Market Dynamics
The affirmation of Sura Re's B++ rating follows the standard evaluation criteria established by the AM Best Financial Strength Rating scale. This action confirms that the reinsurer continues to meet the benchmark requirements for financial stability within the global insurance market.
For stakeholders, this positive outlook revision suggests a lower risk profile and potential for sustained growth in the company's capital base. It serves as a metric for institutional investors to gauge the financial health and operational consistency of the captive reinsurer.
The takeaway
Maintaining steady capital growth remains the primary indicator for credit rating stability in the reinsurance sector. Investors should monitor how captive reinsurers manage their capital base to ensure long-term solvency.
Further reading
For more information on market evaluations, visit the Corporate Finance section.
Source note: This article includes information reported by Captiveinsurancetimes.
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