Goshawk Re, the Bermuda-based reinsurance subsidiary of London-listed Goshawk Insurance, has been assigned an initial financial strength rating of A- (Excellent) by ratings agency AM Best.
AM Best said the rating reflected Goshawk Re's capitalisation and business profile, its expected financial performance and its experienced management team.
In December 2001, Goshawk raised £101.3m to develop its new reinsurance operations in Bermuda. At the time, Goshawk said it had set up the operation to use its capital more efficiently by taking advantage of Bermuda's lower operating costs and its tax and regulatory regime.
Goshawk Re will start underwriting in January 2002 and plans to write premium income of $150m (£104.1m) in its first year of business.
It will underwrite marine XL, non-marine, marine retrocession, aviation XL and finite reinsurance.
Goshawk chairman David Hooker said: "This is a further positive step for our new subsidiary in Bermuda, where we believe our underwriting team, our track record with Syndicate 102 and our financial strength put us in a good position to benefit from the virtually unprecedented business opportunities in the global reinsurance environment."
