Colina A- (EXCELLENT) Rating AffirmedAM Best Removes from “Under Review” Rating
Nassau, The Bahamas, November 27, 2019 – Colina Insurance Limited’s Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” have been affirmed by Global Credit Rating Agency, AM Best.
Following Hurricane Dorian’s passage, AM Best placed the Credit Ratings of all the major property/casualty and life/health insurance companies domiciled in The Bahamas “under review with developing implications”. A comprehensive analysis of Colina’s financial strength and the storm’s impact to the company has resulted in removal of the rating.
“We are very pleased that AM Best has reaffirmed Colina’s Financial Strength rating of A-(Excellent),” said Catherine Williams, Vice President of Finance at Colina Insurance Limited.
In addition to ensuring that Colina meets and exceeds local statutory capital requirements, the A-(Excellent) financial strength rating provides further comfort to our policyholders that Colina has been independently assessed to have an ‘excellent ability to meet its ongoing insurance obligations’.
According to AM Best, they expect “consistent positive net earnings to continue supporting capital growth in the near term. The business profile assessment considers Colina’s position as a market leader in The Bahamas and creditworthy product offerings offset by its geographic concentration in The Bahamas. The company’s ERM framework and governance structure are appropriate for its risk profile.”
“AM Best provides us with a benchmark, comparing Colina to our local and international peers – we are particularly proud that AM Best has categorized Colina’s balance sheet strength as very strong which confirms that we are suitably positioned to meet our contractual promises,” Williams concluded.
Colina Insurance Limited (“Colina”) is a wholly owned life and health insurer that has evolved over 155 years to become the country’s largest life and health insurer, with a solid reputation for providing insurance and related financial services products that help clients prepare for life’s unexpected events.