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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 22, 2023 02:27 PM (EDT)
AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of M&C General Insurance Company Limited (M&C General) (St. Lucia).
The ratings of M&C General have been placed under review with negative implications following the 100% acquisition of M&C General’s shares on Aug. 31, 2023, by RF&G Insurance Company Limited (RF&G) (Belize), from Minvielle & Chastanet Limited, a wholly owned subsidiary of Goddard Enterprises Limited. The negative implications status reflects the uncertainty regarding the post-transaction organizational structure, the financial needs of the new parent and the potential pressure it can have on M&C General’s capital and financial flexibility. AM Best acknowledges that the transaction may benefit M&C General through added scale and operational efficiencies to facilitate more favorable technology and reinsurance purchasing. M&C General has a track record of profitable financial results, and the new parent does not have immediate plans to make major changes to the company’s operations. AM Best will remain in communication with M&C General’s management, and monitor the effects of this transaction as they evolve.
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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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.