Premiums grew last year but claims rose at a much faster pace.
The review represents a further step towards formal membership. However, the nation faces a looming pension crisis as it heads to the polls Sunday.
Eighty-six percent of assets under management are in the highest risk fund.
Enstar Group closed a deal to acquire Novae's legacy business. Fitch sees the combined ratio surge for Bermuda's reinsurers.
Last year, shareholders tried to sell control of the company but suspended plans following disagreement on price.