AM Best Affirms Coralisle’s ‘A’ Ratings
AM Best has affirmed Coralisle Group Ltd.’s subsidiaries with A [Excellent] financial strength ratings and stable outlooks, citing strong balance sheet strength and solid operating performance.
The ratings agency said, “AM Best has affirmed the Financial Strength Rating [FSR] of A [Excellent] and the Long-Term Issuer Credit Ratings [Long-Term ICR] of “a” [Excellent] of the life/health and property/casualty subsidiaries of Coralisle Group Ltd. [CG]. The outlook of these Credit Ratings [ratings] is stable. CG is a wholly owned intermediate holding company of Edmund Gibbons Limited, the ultimate parent company. All companies are domiciled in Bermuda unless otherwise specified. [See below for a detailed listing of these companies].
“The ratings reflect CG’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
“On a consolidated basis, CG demonstrates the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio [BCAR], supported by good liquidity, nominal financial leverage that was comprised of lease liabilities, and access to a revolving credit facility. Similar to its Caribbean peers, CG maintains high reinsurance dependence, particularly in its property business, given its exposure to catastrophe-prone geographic areas. CG manages its exposure through a comprehensive reinsurance program with high-quality reinsurance partners.
“CG’s financial performance remained favorable in 2024, with operating performance improving year-over-year, driven by a combination of premium growth, a minimal impact from catastrophe events and investment income being accretive to earnings. Earnings are also expected to remain favorable for the year-end 2025 results when reported, despite the impact from two catastrophe events — Hurricanes Beryl in 2024 and Melissa in 2025.
“CG maintains its neutral business profile through a strong market position in its core Bermuda market across the property/casualty, pension and health businesses. Furthermore, the organization’s expanded footprint in the southern Caribbean, through CG United Insurance Ltd., provides geographic diversification and opportunities to cross-sell products.”
The FSR of A [Excellent] and Long-Term ICR of “a” [Excellent] have been affirmed with stable outlooks for the following subsidiaries of Coralisle Group Ltd.:
- British Caymanian Insurance Company Limited [Cayman Islands]
- CG Atlantic General Insurance Ltd. [The Bahamas]
- CG Atlantic Medical & Life Insurance Ltd. [The Bahamas]
- CG United Insurance Ltd. [Barbados]
- Coralisle Insurance [BVI] Ltd. [British Virgin Islands]
- Coralisle Insurance Company Ltd.
- Coralisle Life Assurance Company Ltd.
- Coralisle Medical Insurance Company Ltd.
