AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of M&C General Insurance Company Limited

AM Best has maintained the under review with negative implications status for the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of M&C General Insurance Company Limited (M&C General) (St. Lucia).

The Credit Ratings (ratings) reflect M&C General’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

The ratings of M&C General were initially placed under review with negative implications on Sept. 22, 2023, following the 100% acquisition of M&C General’s shares on Aug. 31, 2023, by RF&G Insurance Company Limited (RF&G) (Belize), from Minvielle & Chastanet Limited, a wholly owned subsidiary of Goddard Enterprises Limited.

The negative implications status continues to reflect uncertainty regarding the final post-transaction organizational structure, the financial needs of the new parent and the potential pressure it can have on M&C General’s capital and financial flexibility. The ratings will remain under review until additional information on the combined financial position of the two companies can be evaluated and clarity regarding the final post-transaction legal structure is achieved.

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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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