A.M. Best Affirms Credit Ratings of Caribbean Alliance Insurance Company Limited

OLDWICK, N.J.--()--A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Caribbean Alliance Insurance Company Limited (CAIC) (Antigua and Barbuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect CAIC’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings also consider CAIC’s conservative management philosophy and effective risk management procedures, which include a comprehensive reinsurance program developed to mitigate exposure to natural catastrophes.

CAIC continues to enhance its shareholders’ equity as a result of earnings from robust underwriting results and investment income, especially in non-catastrophe years. CAIC’s risk-adjusted capitalization and operating performance metrics consistently place the company toward the top of its Caribbean peer group. The ratings are further supported by CAIC’s market profile, geographic spread of risk and its management team’s extensive knowledge of the territories in which the company operates.

Partially offsetting these rating strengths are CAIC’s exposure to natural catastrophes in the Caribbean and elevated dependence on reinsurance in its property segment. Furthermore, continuing soft insurance market conditions in its operating territories and difficult overall economic conditions throughout most of the Caribbean will remain significant headwinds.

This press release relates to Credit Ratings 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. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

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

Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Ricardo Longchallon, +1-908-439-2200, ext. 5676
Senior Financial Analyst
ricardo.longchallon@ambest.com
or
Charles M. Huber
Director, +1-908-439-2200, ext. 5122
charles.huber@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Ricardo Longchallon, +1-908-439-2200, ext. 5676
Senior Financial Analyst
ricardo.longchallon@ambest.com
or
Charles M. Huber
Director, +1-908-439-2200, ext. 5122
charles.huber@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com