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AM Best Maintains Under Review with Negative Implications Status for Credit Ratings of RF&G Insurance Company Limited

AM Best has maintained the under review with negative implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” (Good) of RF&G Insurance Company Limited (RF&G) (Belize).

The Credit Ratings (ratings) of RF&G were initially placed under review with negative implications on Sep. 22, 2023, following the company’s 100% acquisition of the shares of M&C General Insurance Company Limited from Minvielle & Chastanet Limited, a wholly owned subsidiary of Goddard Enterprises Limited. With this acquisition, RF&G aims to expand its reach in the Caribbean market and enhance its overall business. While the funding for this transaction has been provided and analyzed without any significant effect on RF&G, the negative implications status reflects AM Best’s uncertainty about the consolidated balance sheet strength post-transaction, which remains unavailable for further analysis.

AM Best will continue to monitor the effects of this transaction as those evolve and provide updates as conditions warrant. The ratings will remain under review with negative implications until the financial, structural and business strategies have been analyzed.

RF&G is the leading property/casualty insurer in Belize, with over 50% of the market share. The company is wholly owned by its holding company, G.A. Roe & Sons Limited, which operates as a finance, management and investment company.

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

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