AM Best has assigned a Preliminary Credit Assessment (PCA) to the company that will be named, subject to regulatory approval, Newline Europe Versicherung AG (Newline Europe) (Cologne, Germany), with a Financial Strength Assessment of A pca (Excellent) and a Long-Term Issuer Credit Assessment of a+ pca. The outlook assigned to this PCA is stable.
The PCA reflects the expectation that Newline Europe qualifies to be a member of the Odyssey Group Holdings Inc. (Odyssey) rating unit. Newline Europe is a wholly owned indirect subsidiary of Odyssey and the PCA reflects the anticipation that Newline Europe will participate in a material reinsurance agreement with a group member. The ratings of the other members of the group are not affected by Newline Europes PCA.
Newline Europe is strategically important to the Odyssey group as it was established as part of the Odyssey groups response to Brexit, enabling the group to continue servicing insurance policyholders across the European Economic Area and the United Kingdom, regardless of the terms of the United Kingdoms exit from the European Union. Newline Europe will benefit from internal reinsurance, and shares common management and operational capabilities.
The Odyssey groups ratings reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
This press release relates to Preliminary Credit Assessments that have been published on AM Bests website. For all assessment information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual assessments referenced in this release, please see AM Bests Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating and Assessment opinions, please view Understanding Bests Credit Ratings. For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases.
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Darian Ryan, CPA
Senior Financial Analyst
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Manager, Public Relations
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Director, Public Relations
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