PHILIPSBURG–NAGICO Insurances’ long-term issuer credit rating has been upgraded to bbb+ by AM Best, the company said in a press release on Thursday.
AM Best’s rating services evaluated both the financial and non-financial risks within NAGICO’s business. NAGICO said in a press release on Thursday that AM Best stated that “the ratings of NAGICO Group reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.”
As it relates to the Group’s financial strength, AM Best stated “The very strong balance sheet strength assessment is based on supportive risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio, which is at the strongest level following a quick recovery from the impact of hurricanes Irma and Maria in 2017.”
“We are very proud to have earned this upgrade from AM Best. The upgrade signifies the agency’s recognition of our ability to effectively manage and withstand the worst of catastrophes and reflects their confidence in our management team, operations, financial strength and stability,” NAGICO Chairman Imran McSood Amjad said in the release.
NAGICO said it was also voted the number one insurance company for the 12th year in a row in St. Maarten, based on a survey conducted by The Daily Herald. “The customer experience and our ability to deliver on our promises are of paramount importance to us.
“Our team worked passionately and tirelessly to serve our clients after the hurricanes devastated the islands in 2017, so it was very humbling and heart-warming to be awarded Best Insurer in St. Maarten by the public, as it reflected the level of appreciation of our efforts.” NAGICO’s recently appointed Chief Executive Officer (CEO) Detlef Hooyboer said. “We believe that the rating upgrade from AM Best coupled with the Best Insurer title in St. Maarten is very much aligned with our core values: Strength, Stability and Service.”
Source: The Daily Herald https://www.thedailyherald.sx/islands/85096-nagico-s-am-best-rating-upgraded