ICBL’s Financial Strength Rating Affirmed: ‘A- Excellent’ Maintained
ICBL‘s financial strength continues to be sound, as indicated by the latest evaluation by rating agency A.M. Best.
A.M. Best has affirmed that Barbados’ leading General Insurance Company and fastest growing Life Insurance provider, maintained its A- (Excellent) rating, citing ICBL‘s strong risk-adjusted capitalisation, low underwriting leverage and solid performance.
The news was announced by BF&M Limited, ICBL’s parent company, which also owns BF&M General Insurance Company Limited and BF&M Life Insurance Company Limited in Bermuda, along with Island Heritage Insurance Company Limited in Cayman.
These companies each maintained A (Excellent) ratings, which A.M. Best attributed to consistently positive net income, solid capitalisation, strong market positions and increased diversification in the case of BF&M Life and BF&M General; while Island Heritage’s was said to reflect its strong risk-adjusted capitalisation and excellent profitability.
Managing Director and CEO of ICBL, Ingrid Innes said “This is excellent news for ICBL, our shareholders and valued our customers, because it means that whatever the challenges, they can take comfort in the fact that they are doing business with an A- (Excellent) and financially sound company. I’d like to commend our staff for their hard work and dedication, as well as the Board of Directors for their guidance and shareholders for their support, without this we would not have been able to achieve this result.”
BF&M President & CEO John Wight stated that “We were very pleased to be informed by A.M. Best of the ratings for our group companies. There is no domestic insurance group in Bermuda or the Caribbean with such strong financial strength ratings.”
