Mozart Insurance Ltd, a Class 3A insurer, has had its Financial Strength Rating of B++ (Good) and Long-Term Issuer Credit Rating of “bbb” (Good) affirmed by AM Best. The outlook for both ratings remains stable.
Established in July 2019, Mozart Insurance is owned by Newport International Ltd, incorporated in Bermuda. The company primarily assumes risks from Compañía Mundial De Seguros S.A. (Mundial), a Colombian insurer, through retrocession agreements covering various lines including auto insurance, lease tenant renting insurance, and personal accident coverage for public service vehicle occupants.
Key Highlights
- Mozart has a very strong balance sheet and adequate operating performance
- The company’s risk-adjusted capitalisation is at the strongest level
- Net income of $12.4 million reported in 2024 driven by sufficient premiums and investment income
- Underwriting performance benefited from controlled acquisition expenses despite some claims volatility
AM Best considers Mozart’s Enterprise Risk Management (ERM) to be appropriate, well-integrated into its operations with well-defined risk appetite and tolerance. Positive rating actions could occur if Mozart continues to strengthen its capital base while maintaining strong risk-adjusted capitalisation and consistent operating performance. Conversely, negative rating actions could result from erosion of the capital base due to deteriorating operating performance or major cash withdrawals.
