AM Best Assigns Credit Ratings to North American Fire & General Insurance Company Limited and North American Life Insurance Company Limited

MEXICO CITY--(BUSINESS WIRE)--
AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to North American Fire & General Insurance Company Limited (NAFICO) (Guyana) and North American Life Insurance Company Limited (NALICO). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings of NAFICO reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings of NALICO reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.

NAFICO was incorporated in Guyana in 1989 and is the third-largest carrier in the country’s insurance industry. The company underwrites property/casualty lines of business with its product portfolio composed mainly of motor, fire and liabilities, and ranks as the market leader in auto coverage. NALICO was also incorporated in 1989 and is engaged predominantly in underwriting group life and health insurance, as well as annuities and individual life, ranking among the top five companies in this segment. Overall, both companies belong to the Edward B Beharry Group, a domestic conglomerate.

NALICO and NAFICO’s balance sheet strength assessments of very strong reflect their stable capital bases, with adequate asset-liability management and proper reinsurance structures. However, these balance sheets are pressured by investment risks, which are an important component of the required capital for both companies, due to the limited available security instruments in the market in which they operate. This is also determined by Guyana’s currently favorable macro-economic conditions. The operating performance of both companies is considered adequate with manageable loss and benefits paid ratios, contained premium growth and consistent positive bottom-line results. AM Best expects both companies to continue strengthening their ERM capabilities.

Negative rating actions for NAFICO and NALICO could occur if there is a significant decline in their risk-adjusted capitalization levels respectively to levels that no longer support a very strong balance sheet assessment or if operating performance deteriorates over time from sustained underwriting or net losses. While unlikely, positive rating actions for NAFICO and NALICO could take place if the companies improve their operating performance and that helps build their capital bases.

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.

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Salvador Smith, CQF

Associate Director, Analytics

+52 55 1102 2720, ext. 109

[email protected]

Alfonso Novelo
Senior Director, Analytics

+52 55 1102 2720, ext. 107

[email protected]

Christopher Sharkey
Associate Director, Public Relations

+1 908 882 2310

[email protected]

Al Slavin
Senior Public Relations Specialist

+1 908 882 2318

[email protected]

Source: AM Best