AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” (Good) to Charp Re, Ltd. (Charp Re) (Turks & Caicos Islands). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Charp Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The stable outlooks are supported by the expectation that the company will maintain its very strong balance sheet strength assessment coupled with positive bottom-line results and profitable underwriting metrics.

Charp Re is a reinsurance company founded in 2018. Since its establishment, the company has experienced sustained growth in various branches of reinsurance, establishing strategic alliances with cedants and reinsurance brokers, supported by top-tier retrocessionaries. As of 2025, the business portfolio, based on gross written premiums, is composed mainly by group life (38.3%), property (22.1%), financial lines (13.4%) and others (26.2%). Charp Re’s business portfolio is distributed across 32 countries with 71% in Latin America and the Caribbean, 19% in Europe and MENA and 10% in Asia. The company’s business profile is limited.

Charp Re’s very strong balance sheet strength assessment is based on its strongest risk-adjusted capitalization as measured by Best’s Capital Adequacy Ratio (BCAR), its diversified investment portfolio and solid liquidity measures, which are enhanced by generally positive underwriting and operating cash flows, as well as comprehensive reinsurance programs.

The operating performance of the company is assessed as adequate, reflecting stable positive bottom-line results supported mainly by its underwriting income.

The company’s ERM is built on the COSO report of 2017, showing an appropriate ERM assessment.

Positive rating actions could take place in the medium term if Charp Re succeeds in the implementation of its diversification strategy, while maintaining profitability and capital adequacy levels that support its current ratings. Also, positive rating actions could take place if the company maintains profitable operating performance metrics. Negative rating actions could take place if the volatility in Charp Re’s underwriting affects its profitability, eroding its capital base.

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