Colonial Group Ratings Improved To Excellent
The financial strength of Bermuda-based Colonial Group International Ltd. has been improved to an ‘A’ [Excellent] rating by A.M. Best, the independent global credit rating agency.
A.M. Best’s assessment was that the insurer has the financial strength and ‘excellent ability’ to meet its insurance obligations in all its Bermuda and Caribbean operating subsidiaries.
A statement from the company said, “A.M. Best categorized 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.
“Colonial’s improved market position and geographic diversification ‘compared with its peers’ was also noted, with A.M. Best citing:
- “Continuing growth of Colonial’s medical products business beyond Bermuda, and
- “Expanding geographic presence through its partnership with Beacon Insurance Company of Trinidad & Tobago, which will double the number of territories in which it operates to 12.”
Colonial Chief Executive Officer Naz Farrow said A.M. Best’s rating upgrade reflected Colonial’s strategy ‘to provide residents of Bermuda and the Caribbean region access to world class insurance products.’
‘We take pride in providing the protection and support our clients need. That means promptly meeting our commitments to them everywhere we operate. Our strong balance sheet is key to meeting those commitments and that’s what A.M. Best has recognised.’
‘We will use this endorsement to continue building the business for the benefit of our policyholders and new customers in all markets. Our management teams are committed and focused on making this happen.’
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 British Virgin Islands.
