Newpoint Re: An Apology

The Insurer has withdrawn a 9 September 2024 article about Newpoint Reinsurance Company (NPRE) following a post-publication review, which found that in certain respects it did not meet our editorial standards.

Much of the content of the article was not put to NPRE for comment prior to publication, and some of the contents were not fact-checked by us to our usual standards.

In particular, it was incorrect to report that it was unclear what was behind AM Best's August decision to place NPRE 'under review with developing implications'. AM Best had explained in its public commentary that this was because NPRE's parent was in the process of strengthening its capital structure via the planned issue of common shares and that it assessed NPRE's balance sheet as "very strong".

We regret this lapse and apologise to NPRE in relation to the above.