A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit rating (ICR) of “a-” of Bahamas First General Insurance Company Limited (BFG).
Best has also removed from under review with negative implications and affirmed the FSR of ‘A-‘ (Excellent) and ICR “a-” of Cayman First Insurance Company Limited (CFIC), formerly Sagicor General Insurance (Cayman) Ltd.).
The outlook assigned to the ratings of BFG is stable, while the outlook assigned to the ratings of CFIC is negative. Both companies are subsidiaries of Bahamas First Holdings Limited (BFH). These rating actions follow BFH’s recently completed acquisition of CFIC from Sagicor Life Jamaica Limited.
Best noted that “as the primary holding and major source of earnings for BFH, the ratings of BFG reflect its continued excellent capitalization, favorable operating performance and established presence in the Bahamian market.