The ratings reflect BTG Re’s balance sheet strength, which
BTG Re is a local reinsurer in
Also reflected in the ratings is the impact of the credit profile of BTG Pactual and the still challenging but improving macroeconomic and (re)insurance conditions experienced in
Furthermore, Brazil’s (re)insurance market is highly competitive with domestic and global reinsurers continuing to enter the market. BTG Re, which essentially acts as a captive reinsurer for its sister company,
The key rating driver that could lead to a positive rating action in BTG Re's ratings is the continued improvement of the credit profile of its parent company, BTG Pactual.
Factors that could negatively impact its ratings are the deterioration of its parent's credit profile or liquidity position, or a decline in the risk-adjusted capitalization or the operating performance of BTG Re.
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