A.M. Best Withdraws Ratings of Harmony General Insurance Company Ltd.

OLDWICK, N.J.--()--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 Concurrently, A.M. Best has withdrawn the ratings in response to the company’s request to no longer participate in A.M. Best’s interactive rating process.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.

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 visit A.M. Best’s Ratings & Criteria Center.

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

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contacts

A.M. Best Company
Ricardo Longchallon, 908-439-2200, ext. 5676
Senior Financial Analyst
ricardo.longchallon@ambest.com
or
Peter Dickey, 908-439-2200, ext. 5053
Assistant Vice President
peter.dickey@ambest.com
or
Christopher Sharkey, 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best Company
Ricardo Longchallon, 908-439-2200, ext. 5676
Senior Financial Analyst
ricardo.longchallon@ambest.com
or
Peter Dickey, 908-439-2200, ext. 5053
Assistant Vice President
peter.dickey@ambest.com
or
Christopher Sharkey, 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com