AM Best Affirms Credit Ratings of StarStone Insurance SE
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-”
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AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of StarStone Insurance SE (SISE) (Belgium). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect SISE’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, very limited business profile and appropriate enterprise risk management. SISE’s ratings benefit from rating enhancement, in the form of lift, reflecting the financial assistance and operational support the entity receives from its parent, Enstar Group Limited (Enstar).
SISE’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which was comfortably above the minimum required for the strongest assessment, as measured by Best’s Capital Adequacy Ratio (BCAR), at year-end 2025. AM Best expects SISE’s risk-adjusted capitalisation to remain at the strongest level prospectively, based on the company’s business plans. The balance sheet strength assessment is further supported by a conservative investment portfolio, and significant internal reinsurance protection from Cavello Bay Reinsurance Limited (CBRL), which is Enstar’s primary operating company in Bermuda.
SISE’s historical operating performance has been marginal, with losses reported in each of the last five years (2020-2025). However, AM Best expects the company’s prospective performance to improve, supported by the revised terms of the internal quota-share reinsurance agreement with CBRL.
On 1 September 2026, SISE redomiciled from Liechtenstein to Belgium, as part of Enstar’s broader European strategy. Enstar’s existing business in Belgium (Alpha Insurance NV) will be merged into SISE on 31 December 2026. The company has reported limited premiums since 2020, with remaining long-term liabilities mainly related to its construction business. However, AM Best expects that SISE will actively target new growth opportunities in the European legacy space from 2027, onwards.
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.
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