Constellation Re announced the successful completion of the inaugural reinsurance transaction for Constellation Re Bermuda, Ltd. [CRBL], its Bermuda-domiciled licensed reinsurer.
A spokesperson said, “The strategic intercompany reinsurance transaction involves term and universal life insurance and disability income products. The transaction expands Constellation Re’s reinsurance capabilities and operational footprint in Bermuda.
“Concurrent with the inaugural transaction, Fitch Ratings has assigned an insurer financial strength rating of ‘A’ to CRBL recognizing it as a core entity within the Constellation group.
“CRBL provides a platform through which Constellation Re can leverage its operational infrastructure, strong capital position and ratings to provide strategic reinsurance solutions to cedents across geographies and regulatory jurisdictions.”
“The completion of CRBL’s inaugural transaction and the assignment of an ‘A’ rating from Fitch mark important milestones in the continued growth of our reinsurance business,” said Scott Shepherd, president and CEO of Constellation Re. “The Bermuda platform expands our capabilities and strengthens our ability to help clients manage risk and capital efficiently across diverse geographies and regulatory environments.”