A.M. Best Places Ratings of Bahamas First General Insurance Company Limited Under Review With Negative Implications

A.M. Best Co. has placed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Bahamas First General Insurance Company Limited (BFG) under review with negative implications. BFG is the primary holding of its parent company, Bahamas First Holdings Limited (BFH). Both companies are domiciled in Nassau, Bahamas.

The rating actions follow BFH’s acquisition of Sagicor General Insurance (Cayman) Ltd. from Sagicor Life Jamaica Limited. The ratings of BFS will remain under review with negative implications pending approval by regulators and completion of A.M. Best’s analysis of the transaction and the effects on both BFS and BFH’s ongoing operations and capitalization.

For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at http://www.ambest.com/ratings/methodology.