AM Best Affirms Credit Ratings of Sagicor Reinsurance Bermuda Ltd. and Sagicor Life Jamaica Limited
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of 'a-' (Excellent) of Sagicor Reinsurance Bermuda Ltd. (SRBL) (Bermuda). In addition, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of 'bbb+' (Good) of Sagicor Life Jamaica Limited (SLJ) (Kingston, Jamaica). The outlook of these Credit Ratings (ratings) is stable.
The ratings of SRBL reflect its balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). SRBL optimizes group-wide capital, and its ratings benefit from a capital maintenance agreement with Sagicor Financial Company, Ltd.
The ratings of SLJ reflect its balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate ERM. SLJ has a very strong market position in Jamaica, and a consistent history of revenue and earnings, which has led to balance sheet growth. Offsetting rating factors include an elevated country risk level in Jamaica.
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 Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
www.ambest.com.
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