AM Best Affirms Credit Ratings of Black Gold Re Limited

MEXICO CITY--(BUSINESS WIRE)-- #insurance--AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Black Gold Re Limited (BGRe) (Bermuda). The outlook of these Credit Ratings (ratings) is stable. BGRe is a captive reinsurer of Ecopetrol S.A. (Ecopetrol) [NYSE: EC], a Colombia-based integrated energy company that is 88.49% owned by Colombia’s government. The ratings of BGRe reflects its balance sheet strength, which AM Best assesses as very