AM Best Assigns Performance Assessment to Redbridge Group, LLC

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has assigned a Performance Assessment of PA-3 (Strong) to Redbridge Group, LLC (Redbridge) (Coral Gables, FL). The outlook assigned to the Performance Assessment (assessment) is stable.

The assessment reflects Redbridge’s strong underwriting capabilities, strong governance and internal controls, strong financial condition, strong organizational talent and strong depth and breadth of relationships.

Redbridge, a subsidiary of Redbridge Insurance Company Limited, provides a wide range of insurance, reinsurance management and business support services to customers in the United States, Latin America and the Caribbean, particularly in the fields of life and health insurance. Its underwriting capabilities are considered strong through the current year. At the heart of Redbridge’s underwriting strategy lies a suite of models developed by its actuarial team. Underwriting capabilities benefit from the expertise and oversight of its management team.

AM Best considers Redbridge’s governance and internal controls to be strong . Redbridge aligns interest with key stakeholders through its services and support, along with carriers through profit commissions. The company’s robust technological framework streamlines underwriting processes, enhances transparency and strengthens risk management practices. The company is vulnerable to key person risk, and its succession plans were provided to AM Best for review.

Redbridge’s financial condition is assessed as strong. Key earnings metrics are viewed as strong and benefit from a diverse and sustainable range of services, including reinsurance management and various business support services. Improvements in underwriting performance are expected to fuel further earning potential through profit commissions. Debt coverage indicators are favorable, confirming the company’s sufficient capacity to support its financial obligations through its operating income.

AM Best assesses Redbridge’s organizational talent as strong, led by an experienced executive team. The company has a clear reporting structure that establishes and defines roles and responsibilities. Furthermore, the company provides career development opportunities to employees at all levels, covering a range of topics such as technical skills, industry proficiency and leadership training.

Redbridge’s depth and breadth of relationships are considered strong. The company manages two main programs, health and life, across the Latin America and Caribbean arenas. Redbridge’s restructure of its programs in recent years has led to somewhat low retention metrics, a slight offsetting factor to the assessment.

This press release relates to Performance Assessments that have been published on AM Best’s website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best’s website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best’s Performance Assessments for Delegated Underwriting Authority Enterprises. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Riley Parnham
Financial Analyst

+1 908 882 2229

riley.parnham@ambest.com

Edin Imsirovic
Director

+1 908 882 1903

edin.imsirovic@ambest.com

Christopher Sharkey
Associate Director, Public Relations

+1 908 882 2310

christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist

+1 908 882 2318

al.slavin@ambest.com

Source: AM Best