Press Release|Insurance

KBRA Downgrades and Withdraws Ratings for Lombard International US and Bermuda Insurers

26 Jan 2024   |   New York


KBRA downgrades the insurance financial strength ratings for Lombard International Life Assurance Company, Lombard International Life Assurance Company of New York, Lombard International Life Assurance Company (Bermuda) Ltd., Lombard International Life Ltd., and Lombard International Global Insurance Ltd. from A to A-, removes the Watch Developing status and assigns a Developing Outlook. KBRA subsequently withdraws all ratings at the companies' request. These entities were recently sold by Lombard International Group to BroadRiver Asset Management, L.P., and previously benefited from being part of the Lombard Group. The Developing Outlook reflects the uncertainty for these entities' future strategy, financial position, risk profile, and operational focus under new ownership.

Key Credit Considerations

The ratings reflect experienced management and a growing market that provides opportunity and a recurring fee based business model with modest balance sheet risk from operations. Balancing these strengths are execution risk, a limited market position and a business model dependent on the regulatory tax environment.

To access rating and relevant documents, click here.



A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003101

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