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AM Best Ratings Affirm DSIC Strength; Highlights WTM Backing and PassportCard Growth

Jul 23, 2026, 10:28 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Positive DSIC rating affirmation reinforces WTM's implicit credit support and may modestly lift investor confidence in the PassportCard platform, potentially supporting WTM’s valuation and equity-method earnings.

AI summary

What happened, with direct paths to the underlying reporting

AM Best affirmed DSIC's B++ financial strength and BBB+ long-term rating, with a stable outlook. The agency cited DSIC's strong BCAR, conservative investment mix, and reinsurance-driven profitability, underpinned by explicit support from WTM. The review also notes PassportCard Group's growth trajectory and DSIC's role as its fronting insurer in Israel, suggesting upside potential for WTM-related earnings over the near to medium term.

AM Best affirms DSIC's B++ and BBB+ ratings; DSIC is PassportCard fronting insurer.
Outlook is stable; DSIC benefits from explicit support by White Mountains Insurance Group (WTM).
DSIC 2025 ROE 18.3%; profitability driven by reinsurance income and stable investments.
PassportCard Group growth expected to become sustainably profitable; DSIC fronting model adds earnings stability.

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