AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of
The ratings reflect RF&G’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
RF&G is the leading property/casualty insurer in
AM Best considers RF&G’s balance sheet to be very strong; presenting considerable growth in reported surplus from the profitability of its operations. In addition, risk-adjusted capitalization reflects the company’s conservative risk appetite supported by an adequately set reinsurance program. Nevertheless, the volume of its capital, gross exposure to catastrophe risk and reinsurance dependence limits AM Best’s view of the company’s balance sheet strength. Additionally, AM Best considers RF&G’s ERM practices as appropriate given its comprehensive and appropriate risk framework, and the low complexity of its operations.
AM Best considers the company’s operating performance, as of
Macroeconomic factors in
Negative rating actions could take place if the risk-adjusted capitalization decreases due to volatility in its net results or from capital outflows. Negative rating actions also could occur if Belize’s macroeconomic environment pressures the financial flexibility of the company.
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 pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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Source: AM Best