AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of M&C General Insurance Company Limited
April 25 2024 - 3:22PM
Business Wire
AM Best has maintained the under review with negative
implications status for the Financial Strength Rating (FSR) of A-
(Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR)
of “a-” (Excellent) of M&C General Insurance Company Limited
(M&C General) (St. Lucia).
The Credit Ratings (ratings) reflect M&C General’s balance
sheet strength, which AM Best assesses as very strong, as well as
its strong operating performance, limited business profile and
appropriate enterprise risk management.
The ratings of M&C General were initially placed under
review with negative implications on Sept. 22, 2023, 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 continues to reflect
uncertainty regarding the final 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. The ratings will remain under review until additional
information on the combined financial position of the two companies
can be evaluated and clarity regarding the final post-transaction
legal structure is achieved.
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
Bridget Maehr Director +1 908 882 2080
bridget.maehr@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com