AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of a+ (Excellent) to Beazley Bermuda Insurance Limited (BBIL). The outlook is stable. These ratings reflect BBIL’s very strong balance sheet, as measured by a Best’s Capital Adequacy Ratio (BCAR) at the strongest level, supported by a capital base of USD 531 million at the start of 2026. The ratings also take into account BBIL’s adequate operating performance—driven by profitable but potentially volatile underwriting—and its alignment with parent Beazley plc’s prudent reserving and investment strategy. Enterprise risk management and a neutral business profile further underpin the assessment.

BBIL’s establishment in Bermuda enables Beazley to broaden its footprint and access the reinsurance market on the island, enhancing portfolio diversification. AM Best notes that BBIL will complement the existing product mix of the Beazley Group, particularly in specialty lines, and contribute meaningful investment income in its early years. The strategic integration of BBIL reinforces the group’s capital efficiency and risk-adjusted returns over the medium term, supporting Beazley plc’s overall enterprise risk management framework.

Following reports that Zurich Insurance Group’s proposed acquisition of Beazley plc is progressing, AM Best has indicated that all Beazley Group ratings are under close review and will be updated if a binding offer is accepted. Zurich’s offer, structured as an all-cash proposal valuing the company at approximately USD 11 billion, has elicited an over 8% rise in Beazley’s share value on announcement day. AM Best will assess any impact on group credit metrics—particularly leverage, capital adequacy and earnings volatility—once the transaction reaches a binding stage.