New BF&M Limited group president and CEO Abigail Clifford has reacted to the confirmation of the Bermuda insurer’s “A” financial strength rating by AM Best.

The rating agency affirmed the financial strength rating of A (Excellent) of BF&M Life Insurance Company (BF&M Life), BF&M General Insurance Company (BF&M General) and Island Heritage Insurance Company Ltd (Island Heritage).

Ms Clifford said: “This endorsement by AM Best reinforces our position as a market leader in the jurisdictions where we operate.

“These are the highest ratings given to domestic insurers operating in Bermuda and the Caribbean, and I’m incredibly proud of the performance and dedication of our team during these particularly challenging times.”

In its assessment of the BF&M Group, AM Best noted balance sheet strength which was assessed as “strongest”, a continued focus on profitable growth, solid market share, more than adequate levels of capitalisation, and strength in diversification of business through Island Heritage’s operations in the Caribbean.

“Also highlighted by the ratings agency was a prioritisation on maintaining significant catastrophe reinsurance protection despite the hardening market.”