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AM Best affirms “A” financial strength rating of BF&M Group rated companies

Business 06 Oct, 2022 Follow News

AM Best affirms “A” financial strength rating of BF&M Group rated companies

Island Heritage Insurance Company, Ltd. (“Island Heritage” or “the Company”) announced that AM Best has affirmed its financial strength rating of A (Excellent), along with the financial strength of all rated insurance operating companies of parent company BF&M Limited, as follows:

BF&M General Insurance Company: A (Excellent) Bermuda

BF&M Life Insurance Company: A (Excellent) Bermuda

Island Heritage Insurance Company, Ltd.: A (Excellent) Cayman

The outlook of each of these credit ratings is stable.

In its assessment, AM Best noted balance sheet strength which was assessed as “strongest”, a continued focus on profitable growth, solid market share, more than adequate levels of capitalization, and strength in diversification of business. Also highlighted by the ratings agency was a prioritisation on maintaining significant catastrophe reinsurance protection despite the hardening market.

Abigail Clifford, Group President and Chief Executive Officer of BF&M Limited, said: “This endorsement by AM Best reinforces our position as a market leader in the jurisdictions where we operate. These are the highest ratings given to domestic insurers operating in Bermuda and the Caribbean, and I’m incredibly proud of the performance and dedication of our team during these particularly challenging times.”


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