AM Best Affirms Credit Ratings of Allshores Limited and Its Subsidiaries

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Allshores General Insurance Company (Bermuda) Limited, Allshores Life and Benefits Company (Bermuda) Limited and Island Heritage Insurance Company, Ltd. (Cayman Islands). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of the parent company, Allshores Limited (Allshores). The outlook of these Credit Ratings (ratings) is stable.

The ratings are based on Allshores’ balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Allshores completed the amalgamation of BF&M Limited and Argus Group Holdings Limited in 2025, and rebranded the holding company to Allshores Limited. The post-amalgamated Allshores’ risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is assessed as strongest. Allshores’ investment portfolio is composed of high quality, highly marketable fixed-income securities, with modest exposure to mortgage loans and more than adequate cash and equivalents on its balance sheet. The liability risks are managed through several reinsurance treaties covering its health, life and property and casualty businesses and are with highly rated counterparties. Like its peers, Allshores maintains a high reinsurance dependence, particularly in its property business, given the exposure to catastrophe-prone regions. AM Best notes that Allshores is lowering its exposure in certain higher catastrophe prone geographies.

Allshores operating performance is reflective of a trend of profitable earnings, both pre- and post-amalgamation. Earnings are diversified and driven by line of risk business and services. Following the amalgamation, the organization was able to recognize synergies and cost savings due to increased scale.

The amalgamation of the two organizations created a well-diversified organization in terms of product and geography. Allshores is a market leader and the largest insurer in Bermuda writing coverage in property/casualty, marine and health insurance products. The company has a wide geographic footprint across the Caribbean with further diversification in its territories of Malta and Gibraltar post-amalgamation. Allshores’ health products remain under pressure from increasing utilization post-pandemic and increased care costs for both domestic and off-island care. Bermuda is still developing a major policy towards a public health benefit, and the uncertainty remains a planning challenge for Allshores.

ERM is critical for Allshores and AM Best’s adequate assessment is based on the structure of the company’s program, which identifies risk management principles, risk governance, risk profile and tolerance, material risk and outlines/defines a risk register all within the framework of the program. The ERM program is well-developed in its reporting processes with mechanisms to accumulate appropriate information and systems that ensure policies and procedures are well-maintained, risk mitigation strategies are established, and that actively managed risks are reviewed by the board of directors’ audit committee on a quarterly basis.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.