Sagicor General Maintains Excellent Financial Strength Rating
Clients of Sagicor General Insurance Inc(SGI)can rest assured that they continue to be protected by a secure and financially sound company, following the latest A.M. Best Financial Strength Rating report.
The international credit rating agency has affirmed SGI’s Financial Strength rating of “A-(Excellent)”and its Long-Term Credit rating of “a-”, which reflect Sagicor’s excellent ability to meet its ongoing insurance obligations and excellent capacity to meet its ongoing senior financial obligations.
SGI’s President & CEO, Keston Howell, expressed his satisfaction with the rating, saying, “it demonstrates the level of financial prudence and risk management that we continue to apply to our operations. What is also pleasing is that A.M. Best gave a stable outlook for these positive ratings, which is indicative of the level of confidence they have in Sagicor following their thorough evaluation of our business and operations.”
According to the report, Sagicor’s excellent rating is supported by the strength of the company’s balance sheet, which A.M. Best describes as “Very Strong”; in addition to the insurance company’s maintenance of an “Adequate” Operating Performance, with steady growth in equity and revenue;“Favourable” Business Profile with respect to brand recognition and geographical spread; along with“ Appropriate” Enterprise Risk Management controlled by a centralized approach to risk management.
This is the 18thconsecutive year that Sagicor has achieved an“ A-(Excellent) rating, having first attained it in 2002. “Our teams across the region continue to work hard to ensure the longevity of our business and the protection of our valued customers”, said Howell.
In terms of its view on the company’s immediate future, A.M. Best argues that a stable outlook is justifiable “despite the deteriorating economic conditions in Barbados, which can create pressure on Sagicor’s ratings. This is offset by the strongest level of balance sheet strength and strong parent company that has more access to financial markets than last year ($400 million more) after being listed on the Toronto Stock Exchange. There is more capital at the parent with plans ready to support growth or maintain capital strength at the stroke of a board vote.”