AM Best Affirms Allshores Ratings
AM Best affirmed the ratings of Allshores Limited’s insurance and reinsurance subsidiaries, citing the outlook for all ratings is Stable.
The ratings agency said, “Allshores Limited [“Allshores”] [BSX: ALSH] today announced that 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] for Allshores General Insurance Company [Bermuda] Limited, Allshores Life and Benefits Company [Bermuda] Limited and Island Heritage Insurance Company, Ltd. AM Best has also affirmed the Long-Term Issuer Credit Rating of “bbb” [Good] for parent company Allshores Limited. The outlook for all ratings is Stable.
“This affirmation reflects the strength of our balance sheet, the quality of our operating performance and the successful integration of our two organisations” said Abigail Clifford, Group President and CEO of Allshores. “As we continue building Allshores, maintaining the confidence of our customers, partners and shareholders remains a top priority. These ratings demonstrate that we are well-positioned to support the communities we serve for the long term.”
The ratings agency added, “In its assessment, AM Best cited Allshores’ strongest level of balance sheet strength, adequate operating performance, neutral business profile and appropriate enterprise risk management framework.
“AM Best noted that the amalgamation has created a well-diversified organisation with increased scale, a broader geographic footprint and a more balanced mix of insurance, health, wealth and employee benefits businesses. The agency also highlighted Allshores’ strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio [BCAR], and its high-quality investment portfolio.
“Today, Allshores is one of the region’s leading community insurers, providing property and casualty, health, life, marine, wealth and employee benefits solutions across multiple jurisdictions.”
“Scale matters in small communities,” adds Clifford. “It allows us to invest in our people, technology, products and customer experience while maintaining the financial strength needed to be there when our customers need us most. These ratings are an important validation of that strategy.”
