AM Best Affirms Credit Ratings of Coralisle Group Ltd. Subsidiaries

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) for the life/health and property/casualty (P/C) operating subsidiaries of Coralisle Group Ltd. (CG). The outlook of these Credit Ratings (ratings) is stable. CG is a wholly owned intermediate holding company of Edmund Gibbons Limited, the ultimate parent company. All companies are domiciled in Bermuda unless otherwise specified. (See below for a detailed listing of these companies.)

The rating affirmations reflect CG’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

On a consolidated basis, CG continues to demonstrate the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by ample liquidity and fungibility of resources across the organization. The group’s financial leverage declined at year-end 2023, after the debt used to pay off the acquisition of CG United Insurance Ltd. (CG United) in May of 2022 was repaid fully in the second quarter. The group maintains high reinsurance dependence, especially in its property business, due to its exposure in catastrophe-prone areas, but manages this appropriately through a comprehensive reinsurance program with high-quality reinsurance partners.

CG’s year-end 2023 results were favorable when compared with 2022 due to a reversal of investment losses along with a full year of CG United premium. Additionally, new business, execution on rate adjustments and high renewal retention rates led to a significant increase in gross premium written in 2023. Premium growth continued through 2024 and is projected to continue in 2025. Potential for volatility in earnings remains high due to catastrophe exposure and the risk of health reform in its service areas; however, the group was profitable on both an underwriting and net basis in 2023 and through the third quarter of 2024.

CG maintains its neutral business profile through a strong market position in its core Bermuda market across P/C, pension, and health businesses. The addition of CG United helped expand its footprint into the southern Caribbean, providing additional premium and geographic diversification, as well as opportunities to cross sell products.

The FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have been affirmed with stable outlooks for the following subsidiaries of Coralisle Group Ltd.:

• Coralisle Insurance (BVI) Ltd. (British Virgin Islands)
• British Caymanian Insurance Company Limited (Cayman Islands)
• Coralisle Insurance Company Ltd.
• Coralisle Life Assurance Company Ltd.
• Coralisle Medical Insurance Company Ltd.
• CG Atlantic Medical & Life Insurance Ltd. (The Bahamas)
• CG Atlantic General Insurance Ltd. (The Bahamas)
• CG United Insurance Ltd. (Barbados)

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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