AM Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of North End Re (Cayman) SPC (Cayman Islands) (NERC). At the time of the withdrawal, these Credit Ratings (ratings) were under review with developing implications.

The withdrawal of NERC’s ratings reflects the recent recapture of its business by an affiliate, leaving NERC with no remaining insurance liabilities. Consequently, the company no longer meets the minimum requirements needed to participate in AM Best’s interactive rating process.

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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Kevin Varvaro Senior Financial Analyst +1 908 882 2410 kevin.varvaro@ambest.com

Stephen Vincent Senior Financial Analyst +1 908 882 1705 stephen.vincent@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