Best’s News & Research Service - March 24, 2016 09:32 AM (EDT)
A.M. Best Upgrades Ratings of Best Meridian International Insurance Company SPC
Oldwick //BestWire// - A.M. Best has upgraded the financial strength rating (FSR) to A- (Excellent) from B++ (Good) and the issuer credit rating (ICR) to “a-” from “bbb+” of Best Meridian International Insurance Company SPC (BMIIC) (Grand Cayman, Cayman Islands). Concurrently, A.M. Best has affirmed the FSR of A- (Excellent) and the ICR of “a-” of Best Meridian Insurance Company (BMIC) (Miami, FL). The outlook for all ratings is stable.
The rating actions on BMIIC reflect A.M. Best’s revised view of the strategic importance and integration of BMIIC to the BMI Financial Group, Inc. BMIIC has become a more-important member of the broader enterprise, complementing its sister company BMIC by offering a portfolio of dollar-denominated products to Latin American clients. Additionally, the ratings of BMIIC continue to reflect its consistent profitability, net premium growth and satisfactory risk-adjusted capitalization.
The affirmation of BMIC’s ratings reflects the benefits derived from the company’s long-established presence and name recognition in Latin America. The ratings also reflect BMIC’s solid risk-adjusted capitalization and positive net operating performance. Partially offsetting these strengths are the company’s increased exposure to commercial mortgage loans with a concentration in Florida. While the loans are performing well, they are less liquid and could underperform in a market downturn.
This press release relates to rating(s) 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.
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