AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Jacana Re Limited (Jacana Re) (Guernsey). Jacana Re is a subsidiary of BHL Holdings Limited (BHL), a non-operating holding company. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Jacana Re’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. In addition, the ratings consider, in the form of lift, Jacana Re’s strategic importance to its parent company, BHL, as the group’s internal reinsurer.

Jacana Re’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which is expected to remain comfortably at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The balance sheet strength assessment also considers the company’s conservative investment portfolio and excellent liquidity. An offsetting factor in the assessment is Jacana Re’s exposure to catastrophe risk mainly emanating from Australia and South Africa.

Jacana Re has a track record of strong operating performance, underpinned by a consistent track record of robust underwriting results. In financial year (FY) 2025, the company reported a net-net combined ratio of 71.7% and a return on equity of 23.9%, as calculated by AM Best, which is in line with its five-year averages.

Underwriting performance is subject to potential volatility, in particular from natural catastrophe perils; in FY 2026, underwriting profits are expected to reduce following catastrophe losses in Australia. Investment income makes a modest contribution to overall earnings.

The risks underwritten by Jacana Re stem from South Africa, Australia and Singapore. The entity is used by BHL as a risk management tool, retaining 100% of risks ceded by insurance companies of the BHL group and its ultimate shareholders. Jacana Re’s business profile assessment is constrained somewhat by its geographic concentration of premium volume and lines of business underwritten.

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/20260515458988/en/

Saad Abbasi
Financial Analyst
+44 20 7397 0316
saad.abbasi@ambest.com

Timothy Prince
Director
+44 20 7397 0320
timothy.prince@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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