AM Best has affirmed Bermudian-based Coralisle Group Ltd’s financial strength rating of “A” (Excellent) and its long term issuer credit rating of “a” (Excellent) for the group’s life/health, property/casualty and operating subsidiaries.

The credit ratings agency also affirmed CG United Insurance Ltd’s financial strength rating of “A-” and its long-term issuer credit rating of “a-” (Excellent) and assigned a “positive” outlook to the ratings, CG said.

CG United (formerly Massy United Insurance Ltd of Barbados) was acquired by CG in May 2022.

AM Best said the addition of CG United “aligns with CG’s strategy to balance its health operations with P/C business across numerous Caribbean jurisdictions and provides the opportunity to sell health business in CG United territories”.

The agency noted that the integration of CG United with CG’s existing operations was proceeding on schedule while completing “major milestones” including the rebranding of Massy United to CG United and the combining of their reinsurance programmes.

AM Best said its rating affirmations reflected the balance sheet strengths of CG and CG United, which were assessed as “strongest”, as well as their operating performances, business profiles and enterprise risk management.

“We are pleased with Best’s assessment of our performance,” said Yan LeClerc, CG’s group chief financial officer. “It covers a period of significant, positive change for the group and reflects our adherence to sound planning, financial prudence, teamwork and operational consistency across multiple jurisdictions as we continue steady progress towards becoming the insurer of choice across the Caribbean.”

In affirming CG’s ratings, Best assigned an outlook of “stable” for the Group subsidiaries: Coralisle Insurance (BVI) Ltd, British Caymanian Insurance Company Limited, Coralisle Insurance Company Ltd, Coralisle Life Assurance Company Ltd, Coralisle Medical Insurance Company Ltd, CG Atlantic Medical & Life Insurance Ltd, and CG Atlantic General Insurance Ltd.