Brookfield Wealth Solutions' Insurance Assets Surge to $135 Billion
Brookfield Wealth Solutions (BWS), a diversified insurance group, has seen its insurance assets soar from $2 billion in 2020 to a staggering $135 billion as of June 30, 2025. A key player in this growth is North End Re Bermuda Ltd. (NERB), considered highly strategic due to its role in expanding international operations.
S&P Global Ratings has assigned a 'A-' financial strength and long-term issuer credit ratings to NERB. The company targets growth in key international reinsurance markets, including the USA, the United Kingdom, and Japan. This expansion is part of its strategic plan within the BWS group, focusing on retained earnings and new business. However, there's some execution risk associated with these new ventures.
NERB accounted for less than 5% of BWS' capital base at the end of 2024 but is expected to grow over time. It has close operational, strategic, financial, and risk management integration with the rest of the BWS group, making it an important part of the group's structure. In the last 12 months, BWS reported $1.6 billion in distributable operating earnings.
An upgrade for NERB is considered unlikely within the next two years but possible in the long term with successful growth and stable profitability. However, the ratings on NERB could be lowered if the core operating entities of BWS are downgraded or if NERB's importance to the group is significantly diminished.
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