International recognition and improved A.M. Best outlook for GHL
AM Best Co. affirms the financial strength rating and issuer credit ratings of Guardian Life of the Caribbean Limited and Guardian General Insurance Limited.
PORT OF SPAIN, Trinidad, Monday July 4, 2011 - AM Best Co., the world’s largest and most established institution for providing ratings and other financial information for the global insurance industry, announced that it has affirmed the financial strength rating of A- (Excellent) and issuer credit ratings (ICR) of “A-” of Guardian Life of the Caribbean Limited and Guardian General Insurance Limited while improving its outlook for both companies from negative to stable. This comes after World Finance selected Guardian Holdings Limited as the ‘Company of the Decade, Trinidad & Tobago’.
AM Best has highlighted that the rating for both companies reflects GHL’s improved consolidated balance sheet strength, due primarily to a decrease in its financial leverage following the International Finance Corporation’s equity stake in GHL and debt reprofiling; profitable operating results; and a lower amount of intangible assets compared to prior years. AM Best added that the consistent profitability of both GLOC and GGIL adds strength to GHL’s balance sheet and consolidated total equity from around the globe.
“The Group is well positioned to take advantage of the myriad opportunities that lie ahead”. --Group CEO Jeff Mack
Further, according to World Finance, its Company of the Decade awards represent the supreme accolade for companies that have performed exceptionally and proven themselves as dynamic forces in their industry over the past 10 years. Not only has the operation of these businesses been of superlative quality, but their reputation for excellence has brought admiration from their respective industries and made them an enviable employer. Crucially, the quality of service to customers has been of the highest grade – and in most cases continually developing these relationships and methods of delivery remain a top priority.
Guardian Holdings Group Chairman Arthur Lok Jack expressed utmost satisfaction at these developments. He noted that GLOC’s rating acknowledges its strategic position within the GHL group and strong competitive advantage in the Trinidad and Tobago market, while GGIL’s rating is in the highest category and rating of any indigenous Caribbean Property and Casualty Underwriter. This, he said, was achieved in spite of the fact that 2010 continued to see the region’s economies struggle.
Group CEO Jeff Mack acknowledged that the internationally recognized good performance of the Group companies would not have been possible without the dedication of Guardian’s professional team of employees and agents and noted that the Group is well positioned to take advantage of the myriad opportunities that lie ahead.
For further information, please contact:
Maria Rivas-McMillan, Maria.McMillan@ghl.co.tt; T: 868 632 5433 F: 868 632 5695
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