OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-” of Harmony General Insurance Company Ltd. (Harmony) (Barbados). The outlook for both ratings is stable. Concurrently, A.M. Best has withdrawn the ratings in response to the company’s request to no longer participate in A.M. Best’s interactive rating process.
The rating affirmations reflect Harmony’s solid risk-adjusted capitalization, overall earnings in recent years and conservative reinsurance program. Harmony continues to maintain more than adequate risk-adjusted capitalization for its current business profile. Harmony is a direct writer of property and casualty insurance coverages in Barbados, with principal business segments in property, automobile and accident insurance.
Partially offsetting these rating strengths are the geographic concentration of Harmony’s business in an increasingly competitive domestic market, the company’s reliance on reinsurance as a catastrophe risk mitigation strategy and Harmony’s limited financial flexibility as a result of its private ownership structure.
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