Rating reflects company’s strong initial capitalization and projected success of its growth strategy
NEW YORK, Jan. 28, 2019 /PRNewswire/ — Converge RE II (Converge Re) announced today that it has received an A- rating of from the Kroll Bond Rating Agency (KBRA) with a Stable outlook.
The A- rating reflects Converge RE’s strong management team, sound initial capitalization, successful track record to date in the life and annuity business, and effective asset management strategy.
Converge RE is owned by David Lichtenstein, Chairman and CEO of national real estate investor Lightstone. Established in 2017, Converge RE is managed by an experienced reinsurance and insurance team with a successful history of delivering solid risk-adjusted returns to its clients. Converge RE’s investment strategy leverages Lightstone’s extensive real estate asset management experience across its over $6 billion portfolio to tackle complex reinsurance opportunities and employs a fixed income allocation managed by Western Asset Management, a global asset manager with more than $420 billion in assets under management.
“We are pleased with this rating from KBRA, which recognizes the strength of our team, strategy and track record,” said Michael LeBoeuf, CEO of Converge US. “This rating solidifies Converge RE as an integral part of Lightstone’s efforts and a logical extension of its investment expertise. We are committed to continued growth and to serving as a financially responsible reinsurer to our clients, and we look forward to building on our positive momentum.”
To learn more about Converge RE, please visit http://converge-re.com/.
About Coverge RE
Converge RE is a Puerto Rico domiciled Class 5 Life and Annuity reinsurer that structures and delivers financial solutions on in-force and new business to primary life and annuity insurers in the U.S. The company is accredited as a life reinsurer by the National Association of Insurance Commissioners and is a founding member of the Puerto Rico International Insurance Association. Converge RE prides itself on being able to tackle complex reinsurance opportunities and delivering creative client-centric reinsurance solutions while adhering to stringent regulatory and insurer guidelines. Converge RE is owned by David Lichtenstein, Chairman and CEO of the Lightstone, a national real estate investment firm he founded in 1988.
Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Lightstone is active in 28 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With over 178 existing properties, Lightstone’s over $6 billion portfolio currently includes over 4.5 million square feet of office, retail and industrial commercial properties, over 15,000 residential units, and 4,300 hotel keys. Lightstone also owns over 12,000 land lots across the country.
Teddy Wilson Simmons
SOURCE Converge RE