AM Best affirms Coralisle rating after Massy purchase
AM Best has removed Coralisle Group Ltd’s subsidiaries from “under review with developing implications” and affirmed CG’s credit rating following its acquisition this month of Barbados-based Massy United Insurance Ltd, the Bermudian-based insurer reported today.
The company said AM Best affirmed CG’s financial strength rating of “A” (Excellent) and the long-term issuer credit ratings of “a” for the group’s life/health and property/casualty subsidiaries. The outlook assigned to these credit ratings is stable.
Concurrently, AM Best has removed from under review with developing implications and affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of United Insurance. The outlook assigned to these ratings is positive.
United Insurance now operates within the Coralisle Group as CG United Insurance Ltd.
AM Best noted that with the addition of United Insurance operations in 14 new jurisdictions, CG had expanded its presence across the Caribbean with potential for cross-selling complementary health products, additional scale in its growing property business and synergies in revenue and expense components of the combined income statement.
CG added that AM Best further noted that the United Insurance acquisition aligned with CG’s strategy “to balance its health operations with its property/casualty business across numerous Caribbean operations”.
Naz Farrow, CG’s chief executive officer, said: “We are very pleased with Best’s assessment of Coralisle Group.
“It’s a positive report that reflects sound strategy, prudent planning, best business practices and teamwork. With our new colleagues at CG United, we are well-positioned to continue growing towards becoming the insurer of choice in the Caribbean.”
The company said the reviews of Coralisle and United Insurance were based on operating performance, business profile, risk management and balance sheet strength, which AM Best categorised as “strongest”.
In affirming CG’s ratings, the company said AM Best assigned an outlook of “stable” for the following CG subsidiaries: Coralisle Insurance (BVI) Ltd, British Caymanian Insurance Company Limited, Coralisle Insurance Company Ltd, Coralisle Life Assurance Company Ltd, Coralisle Medical Insurance Company Ltd, CG Atlantic Medical & Life Insurance Ltd, and CG Atlantic General Insurance Ltd.
With the addition of United Insurance, Coralisle Group’s Caribbean presence grows from The Bahamas, Turks and Caicos, the British Virgin Islands, Cayman Islands and Barbados, to Anguilla, Antigua and Barbuda, Montserrat, Dominica, St Lucia, St Vincent, Saint Maarten, Grenada, Trinidad and Tobago, Guyana, Curacao, Aruba, Jamaica and Belize.