AM Best Places Credit Ratings of The Hand-in-Hand Mutual Fire Insurance Company Limited and Hand-in-Hand Mutual Life Assurance Company Limited Under Review With Negative Implications
MEXICO CITY--(BUSINESS WIRE)--AM Best has placed under review with negative implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb+” (Good) of The Hand-in-Hand Mutual Fire Insurance Company Limited (HIHF) (Guyana) and the Hand-in-Hand Mutual Life Assurance Company Limited (HIHL). Both entities are referred to as Hand-in-Hand Group. This Credit Rating (rating) action follows a delay in the Hand-in-Hand Group providing financial information for 2023.
The under review with negative implications status reflects the uncertainty regarding the Hand-in-Hand Group’s financial position and performance considering the lack of 2023 audited financial statements. While AM Best recognizes that the supervisory and regulatory authority (Bank of Guyana) has granted extensions for the delivery of this information, such timelines conflict with AM Best practices.
The ratings are expected to remain under review with negative implications until AM Best has received 2023 audited financial information for the Hand-in-Hand Group and subsequently has assessed the company’s rating fundamentals in light of this information.
The ratings of Hand-in-Hand Group reflect its 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.
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.
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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