AM Best has assigned a preliminary credit assessment (PCA) to Group Ark Insurance (GAI) Bermuda, with a financial strength assessment of A pca (excellent), with a stable outlook.
GAI is a wholly owned subsidiary of Ark Insurance Holdings, the non-operating holding company of the Ark group.
The PCAs reflect Ark’s consolidated balance sheet strength, which AM Best categorises as very strong, and its adequate operating performance, neutral business profile and appropriate enterprise risk management. The assessment is based on the group’s five-year business plan.
The Ark group is a property, casualty and specialty re/insurance group, operating through an established Lloyd’s platform. Ark is seeking to scale up its existing platform at Lloyd’s and commence the underwriting of third-party reinsurance business from Bermuda through GAI.
The PCAs also reflect GAI’s strategic importance to Ark, AM Best said. GAI is the group’s Bermuda-based reinsurer, which provides reinsurance of the group’s Lloyd’s corporate member and will write third-party reinsurance business over the business plan period.