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AM Best Affirms Credit Ratings of Insurance Corporation of Barbados LimitedAM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of Insurance Corporation of Barbados Limited (ICBL) (Barbados). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect ICBL's balance sheet strength, which AM Best assesses as strongest as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. ICBL's balance sheet strength is underpinned by its risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), which AM Best expects to remain at the strongest level. ICBL has generally produced positive net income driven by the underwriting and marketing expertise derived over its many years of risk and claims management. ICBL has recorded profitable overall results in recent years; however, the company's five-year operating performance metrics places it in the bottom half relative to its rated Caribbean peers. ICBL's business profile assessment reflects the company's geographic and product concentration. The business profile assessment also recognizes ICBL's market position as one of the leading property/casualty insurers in its domestic market. ICBL, like other regional insurers, has significant exposure to catastrophe losses. The company manages this risk through the utilization of reinsurance to limit its catastrophe exposure to a manageable level and protect its surplus agains frequency of events. 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. Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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