A.M. Best Affirms Ratings of Colina Insurance Limited and Colina Holdings Bahamas Limited
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OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Colina Insurance Limited (Colina). Concurrently, A.M. Best has affirmed the ICR of “bbb-” of Colina Holdings Bahamas Limited (CHBL) (BISX: CHL). Both companies are domiciled in Nassau, Bahamas. Colina is a wholly owned subsidiary of its publicly traded parent, CHBL, which in turn is majority owned by AF Holdings Ltd. (AFH). The outlook for all ratings is stable.
The rating affirmations for Colina reflect its leading position in the life/health market in The Bahamas, its adequate risk-adjusted capitalization, stabilized operating results and conservative reserving practices. The company has been able to reduce concentration in higher risk commercial and residential mortgage loans over the past several years to what is now viewed as a manageable level. While the company’s earnings performance has demonstrated improving trends, a prolonged deterioration in the local economic environment can create a negative effect on its core life/health insurance lines. The recent value added tax on health insurance products offered by the company has been countered with new product designs at a net lower cost to customers.
This press release relates to rating(s) that have been published on A.M. 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 visit A.M. Best’s Ratings & Criteria Center.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151016005769/en/
A.M. Best
Anthony McSwieney, 908-439-2200, ext. 5715
Senior
Financial Analyst
[email protected]
or
William
Pargeans, 908-439-2200, ext. 5359
Assistant Vice President
[email protected]
or
Christopher
Sharkey, 908-439-2200, ext. 5159
Manager, Public Relations
[email protected]
or
Jim
Peavy, 908-439-2200, ext. 5644
Assistant Vice President,
Public Relations
[email protected]
Source: A.M. Best Company, Inc.
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