Best Rates Caribbean Alliance ‘B++’
A.M. Best Co. announced that it has assigned a financial strength rating of “B++” (Very Good) to Caribbean Alliance Insurance Company Ltd. (CAI), which is based in Antigua, Barbuda. The rating outlook is stable.
“The rating reflects CAI’s solid capitalization, historically profitable operating results, effective risk management strategies and growing market presence in the Eastern Caribbean,” said Best. “These positive attributes are supported by CAI’s efficient use of the broker reinsurance market for quota share and catastrophe coverage along with a conservative investment strategy. The rating also recognizes management’s regional market expertise and its commitment to sound underwriting practices.”
Best described CAI as “a non-life insurance company that provides a range of property/casualty insurance products, including personal and commercial property, personal and commercial motor, workers’ compensation and general liability coverages. Products are available through CAI’s agents who are familiar with specific island requirements and coverages.
“The company’s historically profitable operating results are attributable to CAI’s extensive knowledge of each island and control of its aggregate exposures. CAI’s underwriting guidelines focus on providing coverage to higher quality inland construction while reducing exposures in coastal or flood prone areas.”
Best noted, however that “CAI’s geographic concentration as a regional Caribbean insurance provider–exposing it to catastrophic loss accumulation from hurricanes–and its high dependence on re-insurance protection,” should be considered as “offsetting factors.”
“Furthermore, CAI operates in a challenging Caribbean insurance market, which has become increasingly competitive as regional insurers expand to new territories, challenging established companies to maintain market share,” Best concluded.
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