BF&M Subsidiaries Receive Stable Ratings
BF&M Limited announced that AM Best has affirmed its subsidiaries’ A [Excellent] financial strength and credit ratings, now assigned a stable outlook after being removed from review.
A spokesperson said, “BF&M Limited announced that independent rating agency AM Best has affirmed the Financial Strength Rating [FSR] of A [Excellent] and the Long-Term Issuer Credit Ratings [ICR] of ‘a’ [Excellent] for its subsidiaries, BF&M Life Insurance Company Limited, BF&M General Insurance Company Limited and Island Heritage Insurance Company, Ltd. [Island Heritage] [Cayman Islands]. These ratings have been removed from under review with developing implications and assigned an outlook of ‘Stable’.
“Additionally, AM Best has affirmed the FSR of A- [Excellent] and the Long-Term ICRs of ‘a-‘ [Excellent] of Argus Insurance Company Limited and Bermuda Life Insurance Company Limited. These ratings have been removed from under review with positive implications and assigned an outlook of ‘Positive’.
“The AM Best ratings had been placed under review following the announcement of the amalgamation of BF&M and Argus.
“Factors cited by AM Best in support of its ratings include BF&M’s balance sheet strength – which AM Best assesses as ‘strongest’ – as well as its operating performance, neutral business profile and appropriate enterprise risk management. AM Best stated its expectation that the combined organization will maintain the strongest level of risk-adjusted capitalization and continue to report favorable operating earnings.”
