AM Best Affirms Credit Ratings of RF&G Insurance Company Limited

MEXICO CITY–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of RF&G Insurance Company Limited (RF&G) (Belize). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect RF&G’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

RF&G is the leading property/casualty insurer in Belize, with 47% of the market share. The company is wholly owned by G.A. Roe & Sons Limited (ROE), which operates as a finance, management and investment company. The ratings of RF&G were placed under review with negative implications on September 22, 2023, following the company’s 100% acquisition of M&C General Insurance Company Limited (M&C General) 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. The consolidated operations are consistent with a very strong balance sheet assessment, as well as an adequate operating performance.

The stable outlooks reflect AM Best’s expectation that RF&G can continue to consolidate its operations between it and M&C General in a successful and profitable way, while maintaining capital adequacy.

RF&G was established in Belize in 1964, when the insurance operation was called Horncastle (British Honduras) Ltd. In 2005, ROE acquired Regent Insurance and merged its operations, resulting in a 2008 name change to RF&G Insurance Company Limited. As of year-end 2024, RF&G’s insurance services revenue was composed predominantly of fire (57%) and motor (26%), with the remainder in a mix of property/casualty business lines (17%).

AM Best considers RF&G’s balance sheet to be very strong, with a reported surplus showing consistent growth due to sustained profitability. In addition, the company’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), reflects its conservative risk appetite and is supported by an adequate reinsurance program. Nevertheless, the volume of its capital, gross exposure to catastrophe risk and reinsurance dependence limits AM Best’s view of RF&G’s balance sheet strength. Additionally, AM Best considers RF&G’s ERM practices as appropriate, given its comprehensive and appropriate risk framework and the low complexity of its operations.

AM Best considers RF&G’s operating performance, as of December 2024, to be adequate. The company has been able to navigate difficult domestic and global economic cycles while maintaining controlled volatility. Looking forward, the integration of both companies will make room for further diversification and potential improvements.

Macroeconomic factors in Belize continue to be a key concern; nevertheless, resumed levels of tourism activities has improved access to U.S. dollars in the financial system and the credit quality of eligible investments to cover insurance obligations. AM Best considers RF&G’s business profile as neutral, as management has worked proactively with financial authorities, regulators and business partners, including reinsurers, to face any potential adversities resulting from current economic conditions.

Positive rating actions could take place as a result of the continued growth of the organization’s capital base, supportive of the current level of risk-adjusted capitalization and successful consolidation of the expansion strategy. Negative rating actions could take place if the risk-adjusted capitalization of the organization decreases due to volatility in its operating performance or from capital outflows. Additionally, negative rating actions could also occur if Belize’s macroeconomic environment pressures the financial flexibility of RF&G.

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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Contacts

Olga Rubo, FRM, CPCU
Associate Director, Analytics
[phone], ext. 134
[e-mail]

Salvador Smith, CQF
Associate Director, Analytics
[phone], ext. 109
[e-mail]

Christopher Sharkey
Associate Director, Public Relations
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Al Slavin
Senior Public Relations Specialist
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