AM Best affirms financial strength of Coralisle Group (CG) and CG United
AM Best has affirmed 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.
Best 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 United (formerly Massy United Insurance Ltd. of Barbados) was acquired by CG in May 2022. 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.”
Best 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 programs.
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,” Yan LeClerc, CG’s Group Chief Financial Officer, said. “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 following 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.
- CG Atlantic General Insurance Ltd.
About Coralisle Group Ltd.
Coralisle Group Ltd. is a Bermuda-based holding company for the Coralisle Group of Companies (the Group), which has commercial operations in Bermuda and 20 jurisdictions across the Caribbean. The Group comprises independently incorporated companies offering property and casualty insurance, employee benefits for pensions and health, life assurance and personal investment products. The Group, which draws commercial strength from the cohesion of its companies accessing a variety of skills, experience and local knowledge in different jurisdictions, holds an A rating from AM Best.
About CG United Insurance Ltd.
CG United Insurance Ltd. (United) is a pan-Caribbean insurance provider headquartered in Barbados. The company is a member of the Coralisle Group Ltd. (CG) serving corporate and residential clients in territories across the English and Dutch Caribbean. CG United’s primary product lines include property, motor, accident, engineering and marine insurance. The company maintains an A- AM Best Financial Strength Rating.