AM Best Places Credit Ratings of BF&M Limited and Its Subsidiaries Under Review With Developing Implications
2024年7月3日 - 5:55AM
ビジネスワイヤ(英語)
AM Best has placed under review with developing
implications the Financial Strength Rating of A (Excellent) and the
Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent)
of BF&M Life Insurance Company Limited, BF&M General
Insurance Company Limited and Island Heritage Insurance Company,
Ltd. (Island Heritage) (Cayman Islands). AM Best has also placed
under review with developing implications the Long-Term ICR of
“bbb” (Good) of the parent company, BF&M Limited (BF&M).
All companies are domiciled in Hamilton, Bermuda, unless otherwise
stated.
The Credit Ratings (ratings) reflect BF&M’s balance sheet
strength, which AM Best assesses as strongest, as well as its
adequate operating performance, neutral business profile and
appropriate enterprise risk management.
The ratings have been placed under review following BF&M’s
and Argus Group Holdings Limited’s (Argus Group) joint announcement
on June 28, 2024, that the two companies have signed a definitive
agreement in which BF&M and Argus Group will combine in an
all-stock transaction. Should this transaction close as announced,
AM Best expects BF&M to maintain its current financial strength
and operating performance as part of a combined BF&M-Argus
Group entity and likely benefit from improved geographic and
product diversification, as well as a more-favorable market
position. It is currently presumed that the combined organization
would provide credit enhancement to the debt expected to be issued
by Bermuda Life Insurance Company Limited, a subsidiary of Argus
Group, to finance the purchase of BF&M shares from Camellia
Plc. This additional leverage is included in AM Best’s expectation
of continued balance sheet strength.
The ratings will remain under review with developing
implications pending regulatory approvals from the Bermuda Monetary
Authority, which is expected in late 2024.
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. For more information,
visit www.ambest.com.
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John McGlynn Senior Financial Analyst +1 908 882
2106 john.mcglynn@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Bridget Maehr Director +1 908 882 2080
bridget.maehr@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com