AM Best has assigned a Long-Term Issuer Credit Rating (Long-Term ICR) of 'bbb+' (Good) to Fontana Holdings L.P., a joint venture of RenaissanceRe. This rating reflects Fontana's balance sheet strength, adequate operating performance, neutral business profile, and very strong enterprise risk management.
Concurrently, AM Best affirmed the Financial Strength Rating of A (Excellent) and the Long-Term ICRs of 'a+' (Excellent) of Fontana Reinsurance U.S. Ltd. and Fontana Reinsurance Ltd., which are subsidiaries of Fontana Holdings L.P. The outlook for these ratings is stable.
Fontana Holdings L.P. is RenaissanceRe's first third-party reinsurance capital-backed joint venture focused on casualty and specialty risks. The establishment of these credit ratings enhances the venture's market credibility and supports its ability to attract and deploy capital effectively in these growing segments.
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