In an August 10, news release, the statistical rating organization, A.M. Best, outlined the basis for the affirmed financial rating and a second Long-Term Issuer Credit Rating of “a-”.
“The ratings reflect Sagicor General’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
“These factors are supported by Sagicor’s risk-adjusted capitalization, measured by Best’s Capital Adequacy Ratio (BCAR) and the financial flexibility of being an indirect subsidiary of Sagicor Financial Corporation Limited (SFC) (Bermuda), a publicly-traded holding company that is listed on the Barbados, Trinidad and London stock exchanges.
“SFC has a long market history through its operating subsidiaries, very strong brand recognition and diversified geographical reach throughout the Caribbean region. Sagicor General also benefits from its competitive position in the markets it serves and the reinsurance support provided by its long-standing reinsurance partners.”
Chief Executive Officer of Sagicor General, Keston Howell, expressed his satisfaction with the rating, saying, “This recent rating demonstrates the level of financial prudence and risk management that we continue to apply to our operations. It is especially noteworthy that A.M. Best gave a stable outlook for these positive ratings in the intermediate term. Our teams across the region continue to work hard to ensure the longevity of our business and the protection of our valued customers.”
Sagicor General first attained a financial strength rating of A- (Excellent) in 2002.