Insurance company

AM Best confirms credit ratings of M&C General Insurance Company Limited

OLDWICK, NJ–(BUSINESS WIRE)–AM Best affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of M&C General Insurance Company Limited (M&C General) (Saint Lucia). The outlook for these Credit Ratings (ratings) is stable.

The ratings reflect M&C General’s balance sheet strength, which AM Best rates as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).

M&C General’s balance sheet strength reflects its risk-adjusted capitalization, which is rated at the highest level as measured by Best’s Capital Adequacy Ratio (BCAR), and supported by steady annual growth in surpluses exceeding dividend payments to shareholders. However, this valuation is partially offset by the company’s relatively small surplus size and heavy reliance on reinsurance. Like its regional peers, the company relies heavily on reinsurance to manage its catastrophe exposure, minimize earnings volatility and protect surplus. M&C General’s operational performance has consistently been better than average compared to other Caribbean-based insurers with similar product profiles. Despite a concentration of risk in the real estate and automotive segments of Saint Lucia, the company’s operating performance has not been affected by severe weather events in recent years.

M&C General is well established in its domestic market, which is considered highly competitive with limited organic growth potential. The company’s ERM program effectively identified underwriting, investment and operational risks, while taking into account the regulatory and legal environment. Additionally, M&C General’s affiliation with its ultimate parent company, Goddard Enterprises Limited, one of the largest Barbados-domiciled conglomerates, provides the company with access to financial and investment management and technology information.

This press release relates to credit ratings that have been published on AM Best’s website. For all rating information relating to the release and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Assessment Activity Web page. For more information on the use and limitations of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s Credit Ratings, Best’s Performance Ratings, Best’s Preliminary Credit Ratings, and AM Best’s press releases, please see Guide to Proper Use of Best’s Ratings and Reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

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