NAGICO Insurances, one of the Caribbean’s leading insurance groups, today announced that global credit rating agency A.M. Best has upgraded the Group’s Financial Strength Rating (FSR) from BBB+ to A- (Excellent). Photo: NAGICO Insurances

Mr Shan Mohamed is the Managing Director of NAGICO Insurances BVI. Photo: NAGICO Insurances

The upgrade reflects A.M. Best’s assessment of the Group’s strengthened balance sheet, consistently improving operating performance, disciplined risk management, and effective execution of its long-term strategy across multiple Caribbean markets.

For policyholders, partners, and regulators, the A- (Excellent) rating is a strong, independent signal of NAGICO Insurances’ ability to meet its obligations, particularly in a region exposed to natural catastrophes and economic volatility.

“I am extremely proud of this recognition for our group. An A.M. Best rating speaks directly to an insurer’s capacity to stand behind its promises,” said Kyria Ali, Chief Executive Officer of NAGICO Insurances in a press release.

“This upgrade to A- rating by A.M. Best is an independent endorsement of our financial strength and disciplined management, and for our customers across the Caribbean and in France, it validates the confidence and trust they have put in us to be there for them, their families and their businesses when they need us most,” Ali added.

Why the A- Rating Matters

A.M. Best is a globally recognised credit rating agency specialising in the insurance industry. Its ratings assess insurers’ balance sheet strength, operating performance, business profile, and enterprise risk management.

An A- (Excellent) rating indicates: Strong capitalisation and balance sheet resilience; Consistently improving financial and operating performance; Prudent underwriting and risk management practices; and A sustainable, long-term business strategy.

This upgrade confirms NAGICO Insurances as a Top Tier insurance group, reinforcing confidence in the Group’s stability and reliability.

Built for the Caribbean

Operating successfully in the Caribbean requires resilience, foresight, and disciplined risk management. Over the years, NAGICO Insurances has proven itself as a trusted and caring insurer, paying billions of US dollars in claims following natural disasters, be it hurricanes or volcanic eruptions. In recent years, it has made targeted investments in reinsurance protection, governance, and talent to ensure it can deliver on its promise to be Fast, Fair and Always There.

“Our region presents unique challenges, from climate risk to economic shocks,” added Imran McSood Amjad, Executive Chairman of NAGICO Insurances. “This upgrade reflects the deliberate steps the Board and Management have taken to strengthen the Group’s balance sheet, governance, and risk management. It is a strong validation of our long-term vision and disciplined approach.

The CEO shared that the A- rating upgrade reflects the collective efforts of NAGICO Insurances’ employees, partners, and stakeholders across the Group’s regional footprint. It underscores the Group’s commitment to sustainable growth, strong governance, and consistently delivering long-term value to its policyholders and partners.