AM Best upgraded the credit ratings of subsidiaries of Odyssey Group Holdings, Inc., and assigned a stable outlook.
The members of the company now have a Financial Strength Rating (FSR) of A+ (Superior) which was previously A (Excellent), and the Long-Term Issuer Credit Ratings (Long-Term ICRs) are now “aa-” (Superior), which used to be “a+” (Excellent).
According to AM Best, these ratings reflect the strength of Odyssey Group’s balance sheet, which the rating agency assessed as the strongest, as well as its strong operational performance, favorable business profile and appropriate business risk management.
The upgrades also acknowledge the removal of the ratings drag from Odyssey Group’s parent company, Fairfax Financial Holdings Limited, which reflects the continued improvement of its overall credit profile in recent years. , according to AM Best.
It said: “Fairfax has reduced its debt materially and improved its overall operating performance, while maintaining a consistently strong balance sheet and financial flexibility.
“As a result, debt service metrics continue to improve, reducing the burden placed on Fairfax’s subsidiaries and supporting the removal of Odyssey Group’s ratings drag.”
Despite higher global catastrophe losses, Odyssey Group otherwise continues to produce consistently strong underwriting results. It is also well positioned to take advantage of continued rate improvements in many of its main lines of business, the credit rating agency concluded.
Addition: “Odyssey Group’s risk-adjusted capital remains strong supporting the strongest overall balance sheet strength assessment, and the group continues to benefit from its position as a global reinsurer with a well-diversified portfolio that also includes a significant position in the leading specialty. United States market.”
