Island Heritage Insurance Company, Ltd. (“Island Heritage” or “the Company”) has announced that A.M Best has affirmed its financial strength rating of A (Excellent), along with the financial strength ratings of all main insurance operating companies of parent company BF&M Limited, as follows:
• BF&M General Insurance Company Limited: A (Excellent) Bermuda
• BF&M Life Insurance Company Limited: A (Excellent) Bermuda
• Island Heritage Insurance Company Ltd.: A (Excellent) Cayman
• Insurance Corporation of Barbados Limited: A- (Excellent) Barbados
The outlook of each of these ratings is stable.
A.M. Best cited balance sheet strength reflecting strong levels of capital supporting the businesses of the BF&M group of companies, along with consistent favourable net gains from a diversified product portfolio and diversified geographic operations. A.M. Best also highlighted the Company’s significant catastrophe reinsurance protection and approach to risk management, mitigating the financial impact of losses in the Bahamas from Hurricane Dorian.
John Wight, Group Chairman and Chief Executive Officer of BF&M Limited, said: “These are the highest ratings given to a domestic insurer in the Caribbean. A.M. Best’s endorsement, year after year, of our financial strength and consistent track record over time will serve to further strengthen our position as an insurer of choice for our customers and partners.”