AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Berkeley Re Designated Activity Company (Berkeley Re) (Ireland). The outlook of these Credit Ratings (ratings) is stable.

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

Berkeley Re is the captive reinsurer for Mondelez International, Inc., a global confectionary, food and beverage company based in the United States.

Berkeley Re’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level at year-end 2025, as measured by Best’s Capital Adequacy Ratio (BCAR). The company benefits from a liquid investment portfolio and low reinsurance dependence. A partly offsetting factor in the assessment is the company’s exposure to large losses within its property line of business, which can lead to volatility in risk-adjusted capitalisation. However, this is mitigated partly by a deed of commitment granted by the captive’s immediate parent company.

The adequate operating performance assessment reflects Berkeley Re’s track record of good underwriting results, as demonstrated by a five-year average combined ratio of 67.7% (2021-2025), as calculated by AM Best. Nevertheless, the company’s combined ratio of 102.7% for 2025 reflects volatility in its technical results. Prospectively, performance is expected to be positive in most years but remains subject to volatility due to Berkeley Re’s exposure to potentially large property losses.

Berkeley Re is a captive composite reinsurer that mainly underwrites property damage and business interruption, as well as employee-related risks. Berkeley Re’s underwriting portfolio is well-diversified by line of business, and geographically given its parent company’s worldwide presence.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

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 specialising 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260528541636/en/

Valentine Gu, AAG
Associate Financial Analyst
+31 20 308 5421
valentine.gu@ambest.com

Eli Sanchez
Director, Analytics
+31 20 808 3190
eli.sanchez@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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