AM Best has affirmed the Financial Strength Rating of ‘A’ (Excellent) for Bermuda-based Coralisle Group Ltd.’s life/health and property/casualty subsidiaries in Bermuda, The Bahamas and the Caribbean.
Best also affirmed the Long-Term Issuer Credit Ratings of ‘a’ (Excellent) and ‘stable’ credit outlooks for the Group’s subsidiaries.
The ratings affirmations reflect CG’s balance sheet strength, which Best assessed as ‘strongest’, its operating performance, business profile and risk management.
Best said CG continued to demonstrate the ‘strongest level’ of risk-adjusted capitalisation with ample liquidity and interchangeability of resources across the organisation. Its assessment noted CG’s full repayment in 2023 of the debt used for its 2022 acquisition of CG United Insurance Ltd., which expanded CG’s presence into the Southern Caribbean.
Best projected CG premium growth to continue in 2025 as the Group continues to grow market share in existing markets, citing favourable 2023 results and continuing growth through 2024.
“We are pleased and confident about our performance and our position,’ CG’s Chief Executive Officer Naz Farrow said. “Our people are motivated, skilled, and efficient. Through sound planning, operational consistency and teamwork, the addition of CG United proceeded seamlessly. We are now achieving operational synergies across multiple jurisdictions that enable us to promptly provide our clients with the protection and support they need.”
In affirming CG’s ratings, Best assigned an outlook of ‘stable’ for the following Group subsidiaries:
- Coralisle Insurance (BVI) Ltd. (British Virgin Islands)
- British Caymanian Insurance Company Limited (Cayman Islands)
- Coralisle Insurance Company Ltd.
- Coralisle Life Assurance Company Ltd.
- Coralisle Medical Insurance Company Ltd.
- CG Atlantic Medical & Life Insurance Ltd. (Bahamas)
- CG Atlantic General Insurance Ltd. (Bahamas)
- CG United Insurance Ltd. (Barbados)
