Cayman: AM Best affirms “A” financial strength rating of BF&M Group rated companies
Grand Cayman, 5 October 2022—Island Heritage Insurance Company, Ltd. (“Island Heritage” or “the Company”) announced that AM Best has affirmed its financial strength rating of A (Excellent), along with the financial strength of all rated insurance operating companies of parent company BF&M Limited, as follows:
BF&M General Insurance Company: A (Excellent) Bermuda
BF&M Life Insurance Company: A (Excellent) Bermuda
Island Heritage Insurance Company, Ltd.: A (Excellent) Cayman
The outlook of each of these credit ratings is stable.
In its assessment, 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 capitalization, and strength in diversification of business. Also highlighted by the ratings agency was a prioritisation on maintaining significant catastrophe reinsurance protection despite the hardening market.
Abigail Clifford, Group President and Chief Executive Officer of BF&M Limited, 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.”
ENDS
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BACKGROUND
Founded in 1996 in the Cayman Islands, Island Heritage Insurance Company, Ltd. (“Island Heritage”) is a leading provider of personal and commercial insurance, including property, casualty, motor and yacht. In 2018, the Island Heritage Retirement Trust Company was approved as a Cayman-registered pension plan provider.
Island Heritage holds a financial strength rating of “A (Excellent)” by AM Best, along with a proven track record of service excellence throughout the Caribbean. Island Heritage is part of the BF&M group of companies – like-minded organisations with one goal: providing insurance the way it should be.
