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A.M. Best, the world's oldest and most established institution responsible for providing ratings, news, data and financial information for the global insurance industry, has revised the outlook to stable from negative and affirmed the financial strength rating of A- (Excellent) and issuer credit ratings (ICR) of “a-” of Guardian Life of the Caribbean Limited (GLOC) and Guardian General Insurance Limited (GGIL).
The revised outlook for GLOC and GGIL reflects GHL’s improved consolidated balance sheet strength, which is due to a decrease in its financial leverage following the International Finance Corporation’s equity stake in GHL and bond refinancing; profitable operating results;, exposure to low intangible assets compared to prior years and the company’s reduced exposure in Jamaica as a result of the sale of its Jamaican asset management arm in 2010. The consistent profitability of both GLOC and GGIL, which are core insurance subsidiaries of GHL, also adds strength to GHL’s balance sheet and consolidated total equity. Nevertheless, A.M. Best notes that the outstanding level of financial leverage at GHL remains somewhat high relative to its total equity. GHL’s exposure in Jamaica through its life insurance subsidiary, although small, remains an ongoing concern.
The ratings of GLOC acknowledge its strategic position within the GHL group, strong competitive advantage in the Trinidad and Tobago markets, consistently positive gains from operations and its more than adequate level of risk-adjusted capitalization. Offsetting these strengths are the impact of continuing volatility in the local, regional and global equity markets and the competitive and mature nature of the Trinidad and Tobago insurance marketplace.
Guardian Life has been consistently receiving an AM Best A Excellent rating since 2001. From 2008-2010 we have received an A- Excellent Rating
Why Is This Rating Important to You?
A Rating Report from the A.M. Best Company represents an independent opinion from the leading provider of insurer ratings of a company's financial strength and ability to meet its obligations to policyholders.
The A.M. Best Company is the oldest, most experienced rating agency in the world and has been reporting on the financial condition of insurance companies since 1899. Best's Ratings represent the current and independent opinion of a company's financial strength and ability to meet obligations to policyholders. Best's Ratings are not a warranty of a insurer's current or future ability to meet obligations to policyholders, nor are they a recommendation of a specific policy form, contract, rate, or claim practice.
The company information appearing on this page is an extract from the complete company report prepared by the A.M. Best Company.
A Best's Ratings is assigned after an extensive quantitative and qualitative evaluation of a company's financial strength, operating performance and market profile.
Best's Ratings are assigned according to the following scale:
Secure Best's Ratings
A++ and A+ |
Superior |
A and A- |
Excellent |
B++ and B+ |
Very Good |
Vulnerable Best's Ratings
B and B- |
Fair |
C++ and C+ |
Marginal |
C and C- |
Weak |
D |
Poor |
E |
Under Regulatory Supervision |
F |
In Liquidation |
S |
Rating Suspended |
