Rating agency A.M. Best has affirmed the financial strength rating of A (Excellent) for Island Heritage Insurance, together with the financial strength ratings of all main insurance operating companies of parent company BF&M Limited.
John Wight, president and chief executive officer of BF&M Limited, said the company’s ratings remain the strongest of any domestic insurance group operating in the Caribbean region. “They form the cornerstone of our promise to pay and to be there for our policyholders over the long term.”
A.M. Best cited the company’s balance sheet strength, supported by risk-adjusted capitalization at the strongest level, a history of positive operating earnings by the parent company, and robust enterprise risk management.
Other contributing factors included BF&M Limited’s diversified product portfolio and geographic operations, use of reinsurance, and its risk management approach, all of which factored into mitigating the financial impact of 2017’s record catastrophic hurricane activity.