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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 05, 2020 11:35 AM (EDT)
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Massy United Insurance Ltd. (Massy United) (Barbados). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Massy United’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Massy United’s balance sheet strength is reflective of its risk-adjusted capitalization being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The balance sheet also is supported by a comprehensive reinsurance program that limits exposure to natural catastrophe events, adequate reserves and ample liquidity. Massy United’s ultimate parent is Massy Holdings Ltd., a large Trinidad-based conglomerate that is publicly traded on the Trinidad and Tobago Stock Exchange. Capital growth may be constrained by the company’s dividend payments to its ultimate parent.
Massy United offers a full range of personal and commercial insurance products, including property and motor, in a number of Caribbean countries. Historically profitable operating performance has been attributed to profitable underwriting, especially in non-catastrophe years, supplemented by steady levels of investment income. Notwithstanding, earnings remain subject to highly competitive regional markets, and further constrained by a low interest rate environment and financial and economic challenges in Barbados.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.