AM Best Affirms Credit Ratings of Cavello Bay Reinsurance Limited

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) of Cavello Bay Reinsurance Limited (Cavello Bay) (Bermuda), a subsidiary of Enstar Group Limited (Enstar) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Cavello Bay’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

The ratings affirmation underscores Cavello Bay’s continued solid total operating earnings, which are comprised of total investment returns and run-off liability earnings. Cavello Bay’s return on equity over the past 10 years was in line with its strong operating performance assessment.

Enstar has maintained a steady deal flow through the cycle, demonstrating its favorable business profile, which will be augmented with live underwriting market facing activity once the acquisition of AF Group closes this year.

AM Best expects Cavello Bay’s risk-adjusted capitalization to remain in the strongest range, as measured by the Best’s Capital Adequacy Ratio (BCAR), after its acquisition and integration of AF Group is complete.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. 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 © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260812942885/en/

Guilherme Monteiro Simoes, CFA
Senior Financial Analyst
+1 908 882 2317
[email protected]

Steven M. Chirico, CPA
Director
+1 908 882 1694
[email protected]

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
[email protected]

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
[email protected]

Source: AM Best

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