The core operating re/insurance entities of specialty carrier Vantage Group Holdings Ltd. have secured a financial strength rating of ‘A-‘ from S&P Global Ratings, with a stable outlook.
The ratings agency has assigned its ‘A-‘ long-term issuer credit and financial strength ratings to Vantage Risk Ltd. (VRL), Vantage Risk Specialty Insurance Co. (VRSIC), and Vantage Risk Assurance Co. (VRAC), and simultaneously assigned its ‘BBB-‘ long-term issuer credit rating to Vantage Group Holdings Ltd.
S&P notes that as a group, Vantage, now in its fifth year of operations, has benefited from a seasoned management team and robust capitalisation, with redundancy at the 99.99% confidence level projected through 2027.
The re/insurer has consistently improved its underwriting performance while expanding its scale and delivered underwriting profits in both 2023 and 2024, with continued momentum expected, according to S&P.
“Vantage continues to strengthen its competitive position, demonstrating steady momentum as it operates in its fifth underwriting year. The company is building an increasingly diversified and scalable business across its three-pronged platform, comprising insurance, reinsurance, and Partnership Capital (AdVantage) fee-based income services. We expect that management will remain committed to underwriting discipline while pursuing top-line growth without compromising profitability,” S&P explained.
The company’s top-line increased 29.4% year-on-year in 2024 to $1.4 billion, with projections reaching approximately $2.21 billion by 2027, driven primarily by Vantage’s Excess & Surplus (E&S) insurance segment.
The E&S segment represented approximately 89% of its insurance book in 2024, and S&P expects premiums to grow between mid-teens and 20% in 2025-2027, reflecting the company’s ongoing expansion phase. Growth is projected to ease in the latter years due to price moderation and as the company matures, explained the agency.
S&P commented, “We don’t treat Vantage as a start-up under our criteria. Although it was incorporated on July 28, 2020, and began underwriting re/insurance business in 2021, we do not consider it a start-up. Its competitive position score is not capped at ‘fair,’ reflecting the strong track record of its management team across other re/insurance organisations. Under the leadership of Chief Executive Officer (CEO), Greg Hendrick, with 35 years of industry experience, including more than a decade of success overseeing P&L at XL Group, Vantage benefits from seasoned strategic direction. In addition, as of 2025, the company has been underwriting for five years.”
The report also states that, based on Vantage’s end-of-2024 capital model, reserve risk represented the largest charge, followed by premium risk and interest rate risk. This “robust capital position” is expected to remain substantially redundant at the same confidence level through 2027, sustained by improving underwriting performance and investment income.
Greg Hendrick, CEO, Vantage Risk, commented, “We are proud to receive an A- (Stable) financial strength rating from S&P Global Ratings. This recognition reflects the strength of our balance sheet, the discipline of our underwriting, and the sustained momentum we’ve built across our diversified platform. It’s a testament to the trust placed in us by our brokers, clients, and stakeholders—and to the exceptional Vantage team driving our success every day.”
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