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The recent credit ratings from two agencies was described by the Premier as an independent vote of confidence

Analysts pointed to an ageing and shrinking population coupled with the emigration of the educated workforce

Analysts highlight the underwriting skill at the international specialty insurer and reinsurer

The AM Best change in outlook, from stable to positive, follows a similar one from Fitch

The decision shows confidence in the island’s economic stability and the government’s handling of corporate income tax

The rating affirmations follow upgrades in April 2024 resulting from a trend of increasingly favourable underwriting results

AM Best said the stable ratings reflected qualities that included a strong balance sheet and strong operating performance

The decision was made based on the firm’s significant underwriting performance improvement

The news came as the agency affirmed the financial strength of the Bermudian-based Class 2 insurer

The credit ratings agency says insurance group maintains the strongest level of risk-adjusted capitalisation

Agency says it anticipates the group’s operating performance will continue to improve as its business plan is executed

The ratings agency says the NAIC and BMA have enhanced regulatory reforms to better assess reinsurers’ risk