AM Greatest Affirms Credit score Rankings of RF&G Insurance coverage Firm Restricted

MEXICO CITY, November 24, 2021–(BUSINESS WIRE)–AM Greatest has affirmed the Monetary Power Score of B++ (Good) and the Lengthy-Time period Issuer Credit score Score of “bbb” (Good) of RF&G Insurance coverage Firm Restricted (RF&G) (Belize). The outlook of those Credit score Rankings (rankings) is secure.

The rankings mirror RF&G’s steadiness sheet power, which AM Greatest assesses as very robust, in addition to its ample working efficiency, impartial enterprise profile and acceptable enterprise danger administration (ERM).

RF&G is the main property/casualty insurer in Belize, with over a 50% market share of this section. The corporate is wholly owned by its holding firm, G.A. Roe & Sons Restricted (ROE), which operates as a finance, administration and funding firm. RF&G was established in Belize in 1964, when the insurance coverage operation was referred to as Horncastle (British Honduras) Ltd. In 2005, ROE acquired Regent Insurance coverage and merged the operations, leading to a 2008 title change to RF&G Insurance coverage Firm Restricted. RF&G’s enterprise portfolio, as of year-end 2020, was composed of fireplace (66%), motor (22%), casualty (15%) and the remaining a mixture of marine, aviation, bonds and title.

AM Greatest considers RF&G’s steadiness sheet to be very robust; presenting appreciable progress in reported surplus from the profitability of its operations. As well as, risk-adjusted capitalization displays the corporate’s conservative danger urge for food supported by an adequately set reinsurance program. Nonetheless, the amount of its capital, gross publicity to disaster danger and reinsurance dependence limits AM Greatest’s view of the corporate’s steadiness sheet power. Moreover, AM Greatest considers RF&G’s ERM practices as acceptable given its complete and acceptable danger framework, and the low complexity of its operations.

AM Greatest considers the corporate’s working efficiency, as of December 2020, to be ample, reflecting that claims frequency and prices have been restricted by COVID-19 pandemic journey restrictions and the expansion within the company e-book of enterprise. In 2021, RF&G has focus in its underwriting high quality amid a gradual restoration in financial exercise and in claims expertise.

Macroeconomic elements in Belize proceed to be a key concern there, together with entry to U.S. {dollars} within the monetary system and the credit score high quality of eligible investments to cowl insurance coverage obligations. Regardless of this, AM Greatest considers RF&G’s enterprise profile as impartial, as administration has labored proactively with monetary authorities, regulators and enterprise companions, together with reinsurers to face any potential adversities ensuing from the present financial situations.

Unfavourable ranking actions might happen if the risk-adjusted capitalization decreases on account of volatility in its internet outcomes or from capital outflows. Unfavourable ranking actions additionally might happen if Belize’s macroeconomic setting pressures the monetary flexibility of the corporate.

This press launch pertains to Credit score Rankings which were printed on AM Greatest’s web site. For all ranking info referring to the discharge and pertinent disclosures, together with particulars of the workplace liable for issuing every of the person rankings referenced on this launch, please see AM Greatest’s Latest Score Exercise net web page. For added info concerning the use and limitations of Credit score Score opinions, please view Information to Greatest’s Credit score Rankings. For info on the right use of Greatest’s Credit score Rankings, Greatest’s Preliminary Credit score Assessments and AM Greatest press releases, please view Information to Correct Use of Greatest’s Rankings & Assessments.

AM Greatest is a worldwide credit standing company, information writer and information analytics supplier specializing within the insurance coverage business. Headquartered in the US, the corporate does enterprise in over 100 international locations with regional workplaces in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico Metropolis. For extra info, go to

Copyright © 2021 by A.M. Greatest Score Companies, Inc. and/or its associates. ALL RIGHTS RESERVED.

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Elí Sánchez
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