Insurance company

AM Best revises its outlook to positive for Antilles Insurance Company – InsuranceNewsNet

OLDWICK, NJ–(BUSINESS WIRE)–
AM Best revised the outlook from stable to positive and affirmed the financial strength rating of A- (Excellent) and the long-term credit rating of “a-” (Excellent) of West Indies Insurance Company (West Indies) (San JuanPR).

These credit ratings (ratings) reflect the strength of Antilles’ balance sheet, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The outlook revisions to positive are based on AM Best’s expectation of continued favorable Caribbean underwriting and operating performance over the medium term, despite moderate volatility due to weather-related events, while maintaining its highest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). Antilles’ strategic initiatives and favorable pricing environment have resulted in underwriting performance metrics that have outperformed its peer group over the past five years despite its high expense ratio, which is largely due to fees. Improved performance over the past few years has resulted in significant gains in policyholder surplus over the period.

The business profile of the West Indies is limited due to its geographic concentration in Porto Rico, which exposes its findings to weather events and regulatory challenges. However, the company’s position in the market is supported by the extensive domestic market expertise of its management team. The company also benefits from an appropriate level of ERM, including a developed risk management framework and a comprehensive reinsurance program.

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 Scores, 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. Based at United Statesthe 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 www.ambest.com.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

src=”https://cts.businesswire.com/ct/CT?id=bwnewssty=20220830005782r1sid=acqr8distro=nxlang=fr” style=”width:0;height:0″ />

Janet Hernandez
Senior Financial Analyst

+1 908 439 2200 ext. 5767

[email protected]

Joseph Burton
Director

+1 908 439 2200 ext. 5125

[email protected]

Christopher Sharkey
Manager, Public Relations

+1 908 439 2200 ext. 5159

[email protected]

Jeff Mango
General director,

Communications Strategy

+1 908 439 2200 ext. 5204

[email protected]

Source: AM Best