The insurance rating and information source A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of **Bahamas First General Insurance Company Limited**, with a stable rating outlook.
According the A.M. Best, this rating reflects Bahamas First’s excellent capitalisation, historically profitable operating results, conservative risk management strategies and growing market presence in the Caribbean. A statement from the agency said, *”These positive attributes are supported by BFG’s effective use of reinsurance and conservative investment strategy, which has enabled the company to increase its capital and enhance its financial strength over the past five years.”* It continued, *”The rating also recognizes management’s regional market expertise and its commitment to sound underwriting practices.”*
BFG increased its capital by $5 million prior to year-end 2005 through the issuance of preferred shares to offset hurricane losses and support growth initiatives. In addition, BFG continues to benefit from the sustainable competitive advantages derived from the ownership of key island agents and strategic agency relationships, which have allowed it to establish name recognition and market share.