The ratings reflect Kelvin Re's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, very limited business profile and appropriate enterprise risk management. The rating actions follow the acquisition of Kelvin Re's former parent, Cowen Inc. (Cowen), by The Toronto-Dominion Bank (TD Bank) on 1 March 2023. The rating upgrades reflect the removal of ratings drag from Cowen, with Kelvin Re becoming a directly owned subsidiary of TD Bank upon completion, along with a revision of the business profile assessment to very limited.