A.M. Best Affirms Ratings of BF&M Limited and its Operating Subsidiaries.OLDWICK, N.J. -- A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A (Excellent) and issuer credit ratings (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a" of BF&M Limited and its main operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , BF&M Life Insurance Company Limited (BF&M Life) and BF&M General Insurance Company Limited (BF&M General) (all of Hamilton, Bermuda). The outlook for all ratings is stable. The rating affirmations reflect the organization's consistently positive net income, steady premium growth and strong capitalization. BF&M Life and BF&M General have consistently recorded premium growth, positive net income and net income growth for the last five years. The positive operating results have contributed to the strong level of capitalization for the organization. The capital levels at BF&M Life and BF&M General are more than adequate to support their current level of business and risk profiles. Partially offsetting these positive rating factors is the organization's concentrated book of business in the local Bermuda market, limited domestic growth opportunities and exposure of the group's property business to hurricane risk. Nonetheless, the company purchases a substantial amount of reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. to minimize this exposure. 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. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion