Published: March 09, 2010

A.M. Best Places Ratings of Bahamas First General Insurance Company Limited under Review with Negative Implications

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OLDWICK, N.J. - (BUSINESS WIRE) - A.M. Best Co. has placed the financial strength rating of A- (Excellent) and issuer credit rating of "a-" of Bahamas First General Insurance Company Limited (BFG) under review with negative implications. BFG is the primary holding of its parent company, Bahamas First Holdings Limited (BFH). Both companies are domiciled in Nassau, Bahamas.

The rating actions follow BFH's acquisition of Sagicor General Insurance (Cayman) Ltd. from Sagicor Life Jamaica Limited. The ratings of BFS will remain under review with negative implications pending approval by regulators and completion of A.M. Best's analysis of the transaction and the effects on both BFS and BFH's ongoing operations and capitalization.

For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

A.M. Best Co.
Analysts:
Peter Dickey, 908-439-2200, ext. 5053
peter.dickey@ambest.com
or
Robert DeRose, 908-439-2200, ext 5453
robert.derose@ambest.com
or
Public Relations:
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com