AM Best Places Credit Ratings of Insurance Corporation of Barbados Limited Under Review With Developing Implications

AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Insurance Corporation of Barbados Limited (ICBL) Barbados.

These Credit Ratings (ratings) actions are due to delays in AM Best receiving audited financial statements from ICBL for year-end 2023. The company has provided unaudited statements for 2023, and internal management reports for the balance sheet and income statement for 2024, as well as first-quarter 2025. ICBL continues to have ongoing communication with its auditors and expects audited financial statements for 2023, to be available by the end of second-quarter 2025. The process for the 2024 audited financial statements will begin once the 2023 audited financials are completed. These delays have resulted from the conversion to IFRS 17 accounting standards. The ratings will remain under review until audited financials are received and analysis are completed.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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