LONDON: Rating agencies have placed the credit ratings under review with developing implications for the major property, casualty and life/health insurance companies operating in the Bahamas.
These rating actions are a result of the devastation caused by Hurricane Dorian and the limited information that is currently available with regard to loss of life and property, the status of the medical delivery system and the overall economic impact to the region.
While AM Best recognizes that rated property/casualty insurers in the Bahamas purchase significant catastrophe reinsurance protection for the benefit of their policyholders, AM Best remains concerned regarding the scale of potential insured losses given the magnitude of the storm and the absence of timely information.
AM Best believes these companies will make every effort to meet their obligations to their policyholders and restore stability in the region.
The ratings will be removed from under review with developing implications following a complete analysis of each company’s financial strength in the aftermath of Hurricane Dorian.
The Financial Strength Ratings (FSR) and Long-Term Issuer Credit Ratings (Long-Term ICR) have been placed under review for the following companies:
Members of Bahamas First Holdings Limited:
The FSR of A- (Excellent) and the Long-Term ICR of “a-” have been placed under review with developing implications for the following:
— Bahamas First General Insurance Company Limited
— Cayman First Insurance Company Limited
RoyalStar Assurance Limited Ltd.:
The FSR of A (Excellent) and the Long-Term ICR of “a” have been placed under review with developing implications.
Colina Holdings Bahamas Ltd.:
The Long-Term ICR of “bbb-” has been placed under review with developing implications.
Colina Insurance Limited:
The FSR of A- (Excellent) and the Long-Term ICR of “a-” have been placed under review with developing implications.
FamGuard Corporation Limited:
The Long-Term ICR of “bbb-” has been placed under review with developing implications.
Family Guardian Insurance Company Limited:
The FSR of A- (Excellent) and the Long-Term ICR of “a-” have been placed under review with developing implications.
Members of Colonial Group International Limited:
The FSR of A (Excellent) and the Long-Term ICR of “a” have been placed under review with developing implications for the following:
— Atlantic Medical Insurance Limited
— Security and General Insurance Company Limited
— Colonial Life Assurance Company Limited
— Colonial Medical Insurance Company Limited
— Colonial Insurance Company Limited
— Colonial Insurance (BVI) Limited
— British Caymanian Insurance Company Limited
Summit Insurance Company Limited:
The FSR of A- (Excellent) and the Long-Term ICR of “a-” have been placed under review with developing implications.