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AM Best Revises Outlooks to Negative for Caribbean Insurers

AM Best has revised the outlooks to negative from stable and affirmed the Credit Ratings (ratings) of several life/health insurance companies operating in the Caribbean. (Please see below for a detailed list of these companies.)

The outlooks have been revised to negative from stable and the Financial Strength Ratings (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" have been affirmed for the following entities:

  • Colina Insurance Limited

  • Family Guardian Insurance Company Limited

  • Guardian Life of the Caribbean Limited

  • Guardian General Insurance Limited

The outlook has been revised to negative from stable and the FSR of B (Fair) and the Long-Term ICR of "bb" have been affirmed for NCB Insurance Company Limited.

The outlook of the Long-Term ICRs has been revised to negative from stable and the Long-Term ICRs of "bbb-" have been affirmed for the following holding companies:

  • Colina Holdings Bahamas Limited

  • FamGuard Corporation Limited

  • Guardian Holdings Limited

The ratings of Colina Insurance Limited reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings of Family Guardian Insurance Company Limited reflect its balance sheet strength, which AM Best categorizes as strong, as well as its strong operating performance, neutral business profile and appropriate ERM. The ratings of Guardian Life of the Caribbean Limited and Guardian General Insurance Limited reflect their balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate ERM. The ratings of NCB Insurance Company Limited reflect its balance sheet strength, which AM Best categorizes as adequate, as well as its strong operating performance, neutral business profile and appropriate ERM.

The revised outlooks to negative reflect AM Best’s concerns regarding global economic conditions negative impact to territories in the Caribbean. Regional territories in the Caribbean are impacted materially by tourism, energy and agricultural factors, which are being impacted in the short term by global conditions. The driver of the negative outlooks is centered in AM Best’s concerns about volatility in the operating performance metrics of these insurers in the short term. AM Best will continue to monitor the conditions in the Caribbean region and make appropriate rating changes as conditions change.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200911005488/en/

Contacts

Louis Silvers
Senior Financial Analyst
+1 908 439 2200, ext. 5802
louis.silvers@ambest.com

Anthony McSwieney
Senior Financial Analyst
+1 908 439 2200, ext. 5715
anthony.mcswieney@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations

+1 908 439 2200, ext. 5644
james.peavy@ambest.com