Turnpage

Please visit our sponsors

RSS Feed
 

Current News & Press

 

Advertisement

The Bahamas Investor

News & Press Archives

 
The Bahamas Investor on facebookFollow The Bahamas Investor on TwitterSubscribe to RSS feeds from The Bahamas Investor
HOME > 
News & Press > 
Bahamas First companies ratings “excellent”

A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Bahamas First General Insurance Company Limited (BFG) (Nassau, Bahamas) and Cayman First Insurance Company Limited (CFI) (Cayman Islands). The outlook for all ratings is stable. Both companies are subsidiaries of Bahamas First Holdings Limited (BFH) (Nassau, Bahamas). 

Source:
Date:
Updated:
A.M. Best
Wednesday, February 10, 2016
Wednesday, February 10, 2016

ALT TAG HEREOLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Bahamas First General Insurance Company Limited (BFG) (Nassau, Bahamas) and Cayman First Insurance Company Limited (CFI) (Cayman Islands). The outlook for all ratings is stable. Both companies are subsidiaries of Bahamas First Holdings Limited (BFH) (Nassau, Bahamas).

The ratings of BFG reflect its supportive risk-adjusted capitalization, continued favorable operating performance and leadership position in the Bahamian property and casualty insurance market.


These factors are supported by BFG’s local market expertise and conservative catastrophe reinsurance program. Partially offsetting these positive rating factors are BFG’s geographic concentration of risk and its dependence on reinsurance as a result of its exposure to catastrophic wind events in the Caribbean. Additionally, competition within the Bahamian insurance market is strong and A.M. Best remains concerned regarding the weak economic and fiscal outlook for the Bahamas.

The ratings of CFI recognize its improved overall results and stronger capitalization, as well as management’s expertise and knowledge of the Cayman market. Continued improvement in the performance of the company’s health segment has enhanced overall earnings. Like its affiliate, BFG, these factors are also supported by CFI’s conservative catastrophe reinsurance program. Partially offsetting these positive rating factors are the geographic concentration of its operations in the Cayman Islands and its reliance on reinsurance to protect its earnings and surplus.

This press release relates to rating(s) that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

A delegation from The Bahamas attended the World Captive Forum in Boca Raton, Florida last week with CEO of the Bahamas Financial Services Board (BFSB) Tanya McCartney (pictured) saying the event is an important part of the BFSB's efforts to promote and grow the country's captive insurance sector.

Mike Bloomberg is set to deliver his first public speech, at the exclusive Lyford Cay resort in The Bahamas, after he confirmed he was considering joining the race for the White House. Bloomberg will deliver the address this coming Saturday.

The Bahamas Investor
Administrative Links
  


  © 2017 ETIENNE DUPUCH JR PUBLICATIONS LTD