AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of R.V.I. Guaranty Co., Ltd. (Bermuda), and its subsidiary, R.V.I. America Insurance Company (Delaware) (collectively known as RVI). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect RVI’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

RVI’s risk-adjusted capitalization level, high-credit-quality investment portfolio and low dependence on reinsurance support AM Best’s balance sheet strength assessment of strongest. AM Best assesses RVI’s risk-adjusted capitalization at the strongest level on base and stress scenarios, as measured by Best’s Capital Adequacy Ratio (BCAR). The risk-adjusted capitalization supports the significant premium growth RVI has experienced in the property/casualty (P/C) reinsurance lines in 2025. RVI is affiliated with Group 1001 Insurance Holdings, LLC (Group 1001), which recently has been the subject of a federal regulatory investigation focusing on a review of affiliated and related party disclosures. RVI’s balance sheet strength has benefited historically from Group 1001’s expertise in areas such as investment, risk management, liquidity management and business development. However, RVI’s balance sheet strength largely derives from its own attributes rather than the attributes of its affiliates with separate governance, management processes and independent asset management, mitigating potential risk posed by Group 1001.

AM Best assesses RVI’s operating performance as adequate. In 2025, RVI achieved a combined ratio below 100% while also growing its premium volume. The premium volume growth was driven by RVI’s expansion into traditional P/C reinsurance. Net investment income composed a significant proportion of overall net income in 2025.

The high product risk associated with RVI’s residual value insurance segments has driven the limited business profile assessment because those segments are correlated highly with the broader macroeconomy and subject to a low-frequency and high-severity claims profile. However, certain features of RVI’s residual value insurance business serve as partial mitigants to the product risk: a leading market position, little competition, high client retention rate and geographical spread. In 2025, RVI started providing residual value insurance in the passenger vehicle space in the UK. RVI’s significant expansion into traditional P/C reinsurance may provide additional beneficial diversification in the future if the expansion demonstrates a track record of profitability.

AM Best assesses RVI’s ERM as appropriate because the company has a formal ERM process that is commensurate with the size, nature and complexity of its business. In general, the company aligns its risk assessment capability with its risk profile. Management closely monitors the company’s risk profile and adjusts risk management goals to improve its risk exposure. Robust ERM processes will be critical for RVI as it strives to prudently expand into new lines of business.

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.

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