Best’s News & Research Service - May 19, 2021 12:01 PM (EDT)
AM Best Affirms Credit Ratings of Republic Insurance Company (Cayman) Limited
- May 19, 2021 12:01 PM (EDT)
Oldwick //BestWire// - AM Best has affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Republic Insurance Company (Cayman) Limited (Republic Insurance) (Cayman Islands). The outlook of the FSR is stable while the outlook of the Long-Term ICR is negative.
The Credit Ratings (ratings) reflect Republic Insurance’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The negative Long-Term ICR outlook reflects AM Best’s concern over the impact the Caribbean economy could have on Republic Insurance, along with its banking parent, Republic Financial Holdings, Limited. The operating performance of Republic Insurance is highly correlated to loan demand at its parent, which remains uncertain as the Caribbean progresses through the impact of the COVID-19 pandemic.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.