Bermuda insurer BF&M is the top-rated domestic firm for the Island and Caribbean, according to president and CEO John Wight.

He was speaking after ratings agency AM Best gave the firm four “excellent” ratings spanning different parts of the business.

Mr Wight said: “We were very pleased to be informed by AM Best of the ratings for our group companies.

“There is no domestic insurance group in Bermuda or the Caribbean with such strong financial strength ratings.”

AM Best rated Bermudian elements BF&M General Insurance Company and BF&M Life Insurance Company Limited as A (excellent).

Island Heritage Insurance Company Ltd in the Caymans also rated A (Excellent), while the Insurance Corporation of Barbados Limited (ICBL) got A- (Excellent).

AM Best said: “The ratings of BF&M Life and BF&M General reflect their consistently positive net income, solid capitalisation, strong market positions and increased business diversification.”

“The ratings for Island Heritage reflect its strong risk — adjusted capitalisation and excellent profitability whilst ICBL’s ratings reflect the company’s strong risk — adjusted capitalisation, low underwriting leverage and solid performance.”