The ratings reflect Terra Brasis’s balance sheet strength, which
The ratings reflect Terra Brasis’ conservative management philosophy and solid risk-adjusted capitalization. Additionally, Terra Brasis has begun to establish a diversified book of business, writing a balanced mix of non-life and life business. Terra Brasis is licensed as a local reinsurance company in
In light of Terra Brasis’ somewhat short-lived operating history, underwriting performance has been impacted negatively by its expense ratio.
Key factors that could lead to a positive rating action are sustained and improved profitability, increased risk-adjusted capitalization and signs that the company has built a solid market profile.
Conversely, factors that could lead to a negative rating action are a material decline in risk-adjusted capitalization, and the inability of the company to successfully execute its business plans and gain market acceptance.
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