Press Release - AUGUST 31, 2018
A.M. Best Affirms Credit Ratings of Sagicor Financial Corporation Ltd and Rated Subs; Upgrades ICR of Sagicor Life Jamaica Ltd
FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 31, 2018
In addition, A.M. Best has removed from under review with positive implications and upgraded the Long-Term ICR to “bbb+” from “bbb” and affirmed the FSR of B++ (Good) of Sagicor Life Jamaica Limited (Kingston, Jamaica). The outlook assigned to these ratings is stable.
The ratings of Sagicor Life Jamaica Limited reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). Sagicor Life Jamaica Limited has a consistent history of high earnings and revenue, in addition to growth, and a very strong position in the Jamaica market. A.M. Best’s country risk assessment has improved to Country Risk Tier 4 from a Country Risk Tier 5, which impacts the assessment of country risks in Jamaica.
The ratings of Sagicor Life Inc. reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, favorable business profile and appropriate ERM. Sagicor Life Inc. has a record of consistent profitability and has very strong brand recognition. Offsetting rating factors include country risks in Barbados.
The ratings of Sagicor Life Insurance Company reflect its balance sheet strength, which A.M. Best categorizes as adequate, as well as its adequate operating performance, neutral business profile and appropriate ERM. The company continues to benefit from parental support in the form of a capital maintenance agreement to maintain an adequate level of risk-adjusted capital that covers expansion expenses. However, historical support was mainly in the form of internal surplus notes, which constitute more than half of its capital and surplus position.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry.