AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of Insurance Corporation of Barbados Limited

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Insurance Corporation of Barbados Limited (ICBL) (Barbados). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect ICBL’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The ratings are being removed from under review with developing implications after AM Best’s receipt of ICBL’s audited financial statements. Audited financial statements were delayed significantly due to the conversion to IFRS 17 accounting standards.

ICBL continues to have the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). Catastrophe-stressed-based BCAR scores also measure as strongest, indicating a certain level of capital stability even in the event of a catastrophe loss. Given exposure to catastrophe weather events, ICBL, like most Caribbean-domiciled insurance companies, has a heavy reliance on reinsurance to protect capital. While reinsurance dependence is high, ICBL maintains good coverage through highly rated reinsurance partners. The company also has additional capacity from its affiliated captive, Payne’s Bay Reinsurance SPC, Ltd.

AM Best assesses ICBL’s operating performance as adequate. The company has reported positive operating net income for 2024 and through the first three quarters of 2025 with improvement being seen in 2025. Additionally, they have reported steady insurance services revenue growth over the past two years.

AM Best assesses ICBL’s business profile as limited. While the company is licensed to write property/casualty and life/health products, it is limited to Barbados resulting in a high geographic concentration. The company has a strong management team and has been successful in navigating the competitive and highly regulated market.

AM Best assesses ICBL’s ERM as appropriate. The company has a well-established program with a formal framework, approved risk tolerances and a good governance structure. Additionally, it maintains a comprehensive reinsurance program to protect capital and surplus from catastrophe weather events.

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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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