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

The ratings reflect Balboa Re balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The ratings also reflect BalboaRe’s strong level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by an appropriate reinsurance program and conservative investment policies. The company’s affiliation with Seguros e Inversiones, S.A. (SISA) with the guarantee it provides, give synergy and highlights the importance of the company to the group. Offsetting these positive rating factors are the captive nature of the company, as it has limits to its business profile.

Balboa Re was founded in 2001, and under Turks & Caicos regulations, has authorization to operate as a full captive insurance company. Balboa Re will primarily participate in providing reinsurance coverage for insurance programs associated with the portfolios of Banitsmo, the largest banking entity of the group.

The business of Banitsmo has proven to be profitable presenting proven premiums sufficiency, and as it is now part of BSC Financial Group in Central America and Panama, Balboa Re will benefit from this business showing stability and consistency of profit generation.

Negative rating actions could occur if the company becomes less strategically important to its parent. Also, negative rating actions could take place if Balboa Re’s capital base deteriorates or fails to keep pace with an evolving risk profile as a result of business underperformance, significant capital outflows or less prudent capital management. Positive rating actions may occur if the improvements in Balboa Re’s fundamentals prove sustainable, while capital continues to grow.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Media gallery

About The Author
Business Wire