**A.M. Best** has given **Family Guardian** a grade of A-(Excellent) on its financial strength score, as well as an “A-” for its issuer credit rating. *”These rating actions are based on Family Guardian’s very good risk-adjusted capitalization, profitable aggregate operations and expanded marketing presence in The Bahamas,”* A.M. Best reported.
The Agency notes that Family Guardian continues to seek new business opportunities and is the second-largest life insurance company in The Bahamas. *”Trends in profitability and stockholders’ equity continue to remain positive on a consistent basis, with growth in equity over the past five years despite dividend payments.”* A.M. Best Analysts added that Family Guardian’s three core business segments – home service, financial services and group division led by BahamaHealth – provide business diversification and competitive advantages in a generally limited and mature marketplace.
Family Guardian is a wholly owned subsidiary of Famguard Corporation Limited (Famguard. Earlier this month, FamGuard launched two subsidiaries: FG Capital Markets Limited and FG Financial Limited. At that time, Patricia Hermanns, President and CEO of Family Guardian Insurance Company and President of FamGuard Corporation Limited, said the two new companies were created to facilitate the company’s launch into the pension and mutual finds market. Their products, she said, are designed to appeal to individuals trying to secure their financial future and also for companies offering or considering offering group pension benefits for their employees. *”While the companies and products offered are new, FamGuard through its subsidiary Family Guardian has for the past 43 years been continuously engaged in helping Bahamians protect themselves against the risk of untimely demise or ill health. These products will broaden that perspective by assisting the public in managing the financial risk inherent in living longer.”*
FamGuard, was formed as a holding company in 1984 and in 1998 became a public company with an initial public offering at $3 a share; today its shares are trading at almost $8. with assets in excess of $150 million.
Family Guardian Insurance was created to serve low to middle income households who wanted a safe way to build savings, offering endowment policies and life and medical plans.