A.M. Best Co. affirmed the financial strength rating “A-,”excellent, of Island Heritage Insurance Co. Ltd., based in the Cayman Islands, and removed the rating from under review. The outlook is stable.
This rating action follows Best’s review of Island Heritage’s range of probable losses emanating from Hurricane Ivan and the impact on its capital in conjunction with the presentation of a formal recapitalization plan. The plan meets Best’s capital strengthening expectations, and fully supports the current financial strength rating.
Island Heritage’s financial strength rating was placed under review in September 2004, due to the uncertainty surrounding the ultimate loss exposure from Hurricane Ivan and its impact on the capitalization of the company.
Was this article valuable?
Here are more articles you may enjoy.
State Farm to Increase Claims Workforce by 3,000 
How Insurers Can Gain the Most Value From Their AI Investments: Accenture 
Here Are Some AI Doomsday Scenarios Researchers Say Could Put Humanity at Risk 
Florida Commissioner Suspends A-Cap’s Atlantic Coast Life Over Surplus Issues From This Issue
