In a significant development for the Caribbean insurance sector, NAGICO Insurances has received a substantial credit rating upgrade from globally recognized agency AM Best. The Group’s Financial Strength Rating has been elevated from BBB+ to A- (Excellent), positioning the company among the top-tier insurance providers in the region.
The upgraded rating reflects AM Best’s comprehensive evaluation of NAGICO’s reinforced balance sheet, consistently enhanced operational performance, rigorous risk management protocols, and successful implementation of its strategic vision across diverse Caribbean markets. This assessment acknowledges the insurer’s strengthened financial resilience and disciplined business approach.
For policyholders, business partners, and regulatory authorities, the A- designation serves as an independent validation of NAGICO’s capacity to honor its commitments, particularly crucial in a geographic area susceptible to natural disasters and economic fluctuations.
Kyria Ali, Chief Executive Officer of NAGICO Insurances, expressed considerable pride in this achievement, stating: “This AM Best rating upgrade represents an independent endorsement of our financial robustness and strategic management. For our clients throughout the Caribbean and France, it confirms the trust they have placed in our ability to support their families and businesses during critical moments.”
The A- (Excellent) rating from AM Best, a specialized insurance industry rating agency, signifies exceptional capital strength, sustained financial improvement, prudent underwriting standards, and a viable long-term business strategy. This classification establishes NAGICO as a premier insurance group with demonstrated stability and reliability.
Operating effectively in the Caribbean demands exceptional resilience and forward-thinking risk management. NAGICO has established its credibility through billions of US dollars in claims payments following natural catastrophes, including hurricanes and volcanic eruptions. Recent strategic investments in reinsurance protection, governance frameworks, and talent acquisition have further strengthened its operational foundation.
Imran McSood Amjad, Executive Chairman of NAGICO Insurances, emphasized: “Our region faces distinctive challenges from climate vulnerabilities to economic instability. This rating enhancement mirrors the deliberate actions taken by our leadership to fortify the Group’s financial position, governance structures, and risk mitigation capabilities.”
The rating improvement represents a collective accomplishment involving NAGICO’s employees, partners, and stakeholders throughout its operational network. It highlights the Group’s dedication to sustainable expansion, robust governance, and consistent value delivery to clients and partners.
Looking forward, NAGICO remains committed to leveraging technological advancements to enhance customer experiences, introducing innovative insurance products, and contributing to regional development initiatives.
Established in 1982, the NAGICO Group delivers comprehensive property, casualty, life, and health insurance solutions across 32 locations in the Caribbean and Metropolitan France.