A.M. Best Affirms Rating of Guardian General Insurance Limited and N.E.M. (West Indies) Insurance Limited.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of Guardian General Insurance Limited (GGIL) and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , N.E.M. (West Indies West Indies, archipelago, between North and South America, curving c.2,500 mi (4,020 km) from Florida to the coast of Venezuela and separating the Caribbean Sea and the Gulf of Mexico from the Atlantic Ocean. ) Insurance Limited (NEMWIL) (both domiciled dom·i·cile n. 1. A residence; a home. 2. One's legal residence. v. dom·i·ciled, dom·i·cil·ing, dom·i·ciles v.tr. 1. in Trinidad & Tobago). The outlook for the rating is stable. The rating reflects GGIL's dominant market presence, sound capitalization and improved catastrophe risk exposure. In addition, GGIL and NEMWIL are subsidiaries of the publicly-traded holding company, Guardian Holdings Limited (GHL GHL Guideline Harvest Level (commercial fishing) GHL Greenland Halibut ), one of the most prominent financial groups in the region. Offsetting these positive rating factors are the unfavorable results in the U.K. division arising from restructuring efforts to streamline its operations. GGIL expects the U.K. division to return to profitability in the near term since the restructuring process is in its final stage. GGIL is the largest property/casualty writer in the Caribbean and has been able to diversify its catastrophe exposure through expansion into the United Kingdom and rebalance its book of business to minimize its catastrophe exposure. In 2004, GGIL expanded into the U.K. motor business with the formation of Link Insurance Company and the subsequent purchase of Zenith Insurance Company. This expansion resulted in a significant decrease in its overall exposure to windstorm wind·storm n. A storm with high winds or violent gusts but little or no rain. windstorm A storm with high winds or violent gusts but little or no rain. events in the Caribbean. In addition, as a GHL subsidiary, the company enjoys strong support and financial flexibility. GHL, through its subsidiaries and joint ventures is engaged in the underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. of all classes of insurance business and associated investment activities in the Caribbean and Europe. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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