Boost for startup in Brazil’s competitive market
AM Best has assigned a financial strength rating of B++ (good) and an issuer credit rating of bbb to Terra Brasis Resseguros. The outlook assigned to both ratings is stable.
The ratings reflect Terra Brasis’ sound business plan and adequate risk-adjusted capital, said the ratings agency. Terra Brasis is licensed as a ‘local’ reinsurance company in Brazil and plans to focus exclusively on the growing Brazilian (re)insurance market writing a broad mix of property/casualty and life business.
The Brazilian reinsurance market is a highly competitive market dominated by significantly larger companies, some being supported by major global (re)insurance organisations possessing substantial financial flexibility and operational resources against which Terra Brasis must compete.