Best’s News & Research Service - April 10, 2026 11:06 AM (EDT)
AM Best Assigns Credit Ratings to North American Fire & General Insurance Company Limited and North American Life Insurance Company Limited
- April 10, 2026 11:06 AM (EDT)
//BestWire// - AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to North American Fire & General Insurance Company Limited (NAFICO) (Guyana) and North American Life Insurance Company Limited (NALICO). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings of NAFICO reflect its 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 (ERM).
The ratings of NALICO reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.
NAFICO was incorporated in Guyana in 1989 and is the third-largest carrier in the country’s insurance industry. The company underwrites property/casualty lines of business with its product portfolio composed mainly of motor, fire and liabilities, and ranks as the market leader in auto coverage. NALICO was also incorporated in 1989 and is engaged predominantly in underwriting group life and health insurance, as well as annuities and individual life, ranking among the top five companies in this segment. Overall, both companies belong to the Edward B Beharry Group, a domestic conglomerate.
NALICO and NAFICO’s balance sheet strength assessments of very strong reflect their stable capital bases, with adequate asset-liability management and proper reinsurance structures. However, these balance sheets are pressured by investment risks, which are an important component of the required capital for both companies, due to the limited available security instruments in the market in which they operate. This is also determined by Guyana’s currently favorable macro-economic conditions. The operating performance of both companies is considered adequate with manageable loss and benefits paid ratios, contained premium growth and consistent positive bottom-line results. AM Best expects both companies to continue strengthening their ERM capabilities.
Negative rating actions for NAFICO and NALICO could occur if there is a significant decline in their risk-adjusted capitalization levels respectively to levels that no longer support a very strong balance sheet assessment or if operating performance deteriorates over time from sustained underwriting or net losses. While unlikely, positive rating actions for NAFICO and NALICO could take place if the companies improve their operating performance and that helps build their capital bases.
The methodology used in determining these ratings is Best’s Credit Rating Methodology (Version Aug. 29, 2024), which provides a comprehensive explanation of AM Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
· Available Capital and Insurance Holding Company Analysis (Version Sept. 18, 2025)
· Evaluating Country Risk (Version June 6, 2024)
· Scoring and Assessing Innovation (Version Feb. 20, 2025)
· Understanding Global BCAR (Version Sept. 18, 2025)
View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, relevant sources of information and the frequency for updating ratings, please refer to Guide to Best’s Credit Ratings.
· Previous Rating Date: Not rated
· Initial Rating Date: April 10, 2026
· Date Range of Financial Data Used: Dec. 31, 2019-Dec. 31, 2025
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