OLDWICK, N.J.--(BUSINESS WIRE)--Aug 10, 2018--A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Sagicor General Insurance Inc. (Sagicor General) (Bridgetown, Barbados). The outlook of these Credit Ratings (ratings) remains stable.

The ratings reflect Sagicor General’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

These factors are supported by Sagicor’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR) and the financial flexibility of being an indirect subsidiary of Sagicor Financial Corporation Limited (SFC) (Bermuda), a publicly traded holding company that is listed on the Barbados, Trinidad and London stock exchanges. SFC has a long market history through its operating subsidiaries, very strong brand recognition and diversified geographical reach throughout the Caribbean region. Sagicor General also benefits from its competitive position in the markets it serves and the reinsurance support provided by its long-standing reinsurance partners.

Sagicor General is one of the leading property and auto insurers in Barbados. The company also maintains a significant presence in Trinidad and Tobago. Aside from the adversity encountered from Hurricane Maria in 2017, Sagicor General has generally produced positive overall operating results, which are derived from its significant ceding commissions and underwriting gains from its private passenger auto book.

Additional rating considerations include difficult local macroeconomic conditions and the increasingly competitive regional insurance environment throughout the Caribbean. In addition, the company has significant loss exposure in the region to catastrophic weather events, which is mitigated materially by a comprehensive reinsurance program backed by quality reinsurers. Prospectively, earnings remain subject to a mature, highly competitive regional market and catastrophe losses, given its exposure.

The stable rating outlooks reflects A.M. Best’s expectation that the company's rating fundamentals will remain unchanged in the intermediate term, including balance sheet strength remaining in the strongest category and overall operating performance commensurate with similarly rated peers.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .

A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit for more information.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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CONTACT: A.M. Best

Alexander Sarfo, +1 908-439-2200, ext. 5779

Senior Financial Analyst

alexander.sarfo@ambest.com

or

Charles M. Huber, +1 908-439-2200, ext. 5122

Director

charles.huber@ambest.com

or

Christopher Sharkey, +1 908-439-2200, ext. 5159

Manager, Public Relations

christopher.sharkey@ambest.com

or

Jim Peavy, +1 908-439-2200, ext. 5644

Director, Public Relations

james.peavy@ambest.com

KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE

SOURCE: A.M. Best

Copyright Business Wire 2018.

PUB: 08/10/2018 01:35 PM/DISC: 08/10/2018 01:35 PM

http://www.businesswire.com/news/home/20180810005372/en