A.M. Best Affirms the Ratings of BF&M Limited and its Subsidiaries
The ratings of BF&M Life and BF&M General reflect their consistently positive net income, solid capitalization, strong market positions and increased business diversification. Overall earnings are primarily supported by BF&M Life’s group health line of business, which over the past three years has benefited from a lower claims level and stable premium base. The capital levels at both companies are more than adequate to support the current level of business and insurance risks. Although
Partially offsetting these positive rating factors are lower combined earnings and continuous economic weakness in
The ratings for Island Heritage reflect its strong risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR) model, excellent profitability in addition to the support and synergies provided by its immediate parent, BF&M General. Partially offsetting these positive factors is the macroeconomic environment in which Island Heritage operates. This includes soft market conditions and competitive market pressures, in addition to being highly exposed to natural catastrophes, which is materially mitigated through comprehensive reinsurance coverage.
The ratings for ICBL reflect the company’s strong risk-adjusted capitalization, low underwriting leverage and solid operating performance. The company’s shares, which are traded on the
This press release relates to rating(s) that have been published on
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