AM Best Affirms Credit Ratings of Sagicor Financial Company Ltd. and Its Subsidiaries

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Sagicor Life Inc. and Sagicor General Insurance Inc. (both domiciled in St. Michael, Barbados), Sagicor Life Insurance Company (Austin, TX) and ivari (Toronto, Canada). The outlook of these Credit Ratings (ratings) is stable. In addition, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) and the Long-Term Issue Credit Rating (Long-Term IR) of “bbb” (Good) of the original $400 million, with an additional $150 million added to the 5.3% senior unsecured notes, due 2028, of the ultimate parent, Sagicor Financial Company Ltd. (Bermuda). The outlook of this rating is stable.

The ratings of Sagicor Life Inc. reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). Sagicor Life Inc. has a long record of consistent profitability and benefits from strong brand recognition in its operating countries. Offsetting rating factors include an elevated country risk level in Barbados and Trinidad and Tobago.

The ratings of Sagicor Life Insurance Company reflect its balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, neutral business profile and appropriate ERM. The company continues to benefit from parental support in the form of a capital maintenance agreement to maintain an adequate level of risk-adjusted capital that covers expansion expenses. However, historical support was mainly in the form of internal surplus notes.

The ratings of ivari reflect its balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. ivari continues to provide its parent company with a diversified business profile and access to Canada’s insurance markets.

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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