AM Best affirms credit rating of Cayman First Insurance
AM Best has affirmed the Long-Term Issuer Credit Ratings of “a-” of Cayman First Insurance, the property/casualty operating subsidiaries of Bahamas First Holdings Limited.
The rating agency also affirmed the Financial Strength Rating of A- (Excellent) of Cayman First’s parent company. The outlook of the ratings is stable.
AM Best said the ratings reflect the group’s consolidated balance sheet strength, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
While the group’s risk-adjusted capitalisation is at the highest level, the high dependence on reinsurance to protect surplus and earnings in the case of major catastrophic events, as in 2019 when Hurricane Dorian negatively affected results, slightly offsets the assessment the rating agency said.
In addition, capital growth may be constrained because of the operating company’s continuing obligation to pay dividends to Bahamas First Holdings to service its outstanding debt.
AM Best anticipates that the group will continue to produce favourable earnings in non-catastrophic years.
CUC declares dividend
The board of directors of Caribbean Utilities Company has declared a dividend of US$0.175 per Class A Ordinary Share, or an annualised dividend of US$0.70 per share. The dividend will be payable on 15 Sept. to shareholders of record on 1 Sept.
Grant Thornton makes two senior hires
Accountancy, tax and advisory firm Grant Thornton is expanding its leadership team with the appointment of two directors.
Joseph Ferruzzi joins Grant Thornton Cayman Islands as director and co-head of the firm’s US tax practice, which was set up mid-2019 in response to growing demand. Ferruzzi joins Chris Willemse to lead the service line. He has over 18 years of experience working for some of the biggest names in the industry and returns to Grand Cayman after spending the past 10 years back in his native New York.
Sherri Fleming joins as a director in Grant Thornton’s audit practice, specialising in the audit of alternative investment funds. She has almost 20 years of experience in the audit industry, including 14 years in Cayman.
Cox Lumber awards two student scholarships
Cox Lumber announced the winners of its two “Building Success” scholarships. Halle Whittaker, a recent graduate of St. Ignatius High School, will be attending Manchester University in the next semester to major in finance.
Janelle Thomas, also a graduate of St. Ignatius, will start her accounting studies at Solent University in Southampton this autumn. She has been an intern at Cox Lumber and assisted with customer orders and office duties.
Both receive $2,500 to cover expenses related to their studies.