AM Best Revises Issuer Credit Rating Outlook to Positive for RF&G Insurance Company Limited; Affirms Credit Ratings
AM Best has revised the Long-Term Issuer Credit Rating (Long-Term ICR) outlook to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term ICR of “bbb” (Good) of
The Credit Ratings (ratings) reflect RF&G’s 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).
RF&G is the leading property/casualty insurer in
AM Best considers RF&G’s balance sheet to be very strong, with reported surplus showing considerable growth due to sustained profitability. In addition, risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), reflects the company’s conservative risk appetite, and is supported by an adequate reinsurance program. Nevertheless, the volume of its capital, gross exposure to catastrophe risk and reinsurance dependence limits AM Best’s view of the company’s balance sheet strength. Additionally, AM Best considers RF&G’s ERM practices as appropriate, given the company’s comprehensive and appropriate risk framework and the low complexity of its operations.
AM Best considers the company’s operating performance, as of
Macroeconomic factors in
Positive rating actions could take place if the RF&G continues to experience profitable underwriting results and risk-adjusted capitalization remains at supportive levels for its ratings. Negative rating actions could take place if risk-adjusted capitalization decreases due to volatility in net results or from capital outflows. Negative rating actions also could occur if Belize’s macroeconomic environment pressures the financial flexibility of the company.
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
Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Source: AM Best
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