The financial strength of Bermuda-based Colonial Group International Ltd. has been improved to an ‘A’ (Excellent) rating by A.M. Best. The rating agency based its assessment on the insurer’s financial strength and “excellent ability” to meet its insurance obligations in all its Bermuda and Caribbean operating subsidiaries, including British Caymanian Insurance Company Limited (BritCay) in the Cayman Islands.
A.M. Best classed Colonial’s balance sheet as “strongest” – the highest rating it can award – after analyzing the company’s operating performance, business profile and risk management.
This gives Colonial and its primary insurance operating subsidiaries the highest rating in Bermuda and the Caribbean region.
A.M. Best also noted Colonial’s improved market position and geographic diversification compared with its peers. The rating agency pointed to the continuing growth of Colonial’s medical products business beyond Bermuda, and the group’s expanding geographic presence through its partnership with Beacon Insurance Company of Trinidad and Tobago, which will double the number of territories in which it operates to 12.
Colonial subsidiaries include Colonial Life Assurance Company Ltd. and Colonial Insurance Company Ltd. in Bermuda; Colonial Medical Insurance Ltd. in Bermuda, Cayman, Turks and Caicos and Barbados; British Caymanian Insurance Company Ltd. in Cayman; Atlantic Medical Insurance Ltd. and Security and General Insurance Company Ltd. in The Bahamas and Turks and Caicos; and Colonial Insurance (BVI) Ltd. in the British Virgin Islands.