A.M. Best assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Colonial Insurance (BVI) Limited, which is part of Colonial Group International (CGI), a Bermuda-based company with operations in Bermuda, the Cayman Islands, The Bahamas, the British Virgin Islands, Turks & Caicos and some other countries. There is stable outlook assigned to these Credit Ratings, reflecting BVI company’s reliance on the management, operational and reinsurance support provided by the Group.
Colonial Insurance (BVI) Limited is a provider of medical, property and auto insurance products in the British Virgin Islands jurisdiction. BVI company’s business grew from 2011 to 2015 mainly due to expanding medical premium insurance. However, in 2016 the medical premium decreased due to the loss of a large customer and the introduction of the National Health Plan in the British Virgin Islands. It is expected by Colonial Insurance BVI that the medical premium will continue to decrease in 2017 but recover partially in 2018.
Lenta Ltd, the BVI-registered company operating retail chain in Russia, announced that Fitch Ratings had upgraded its long-term foreign and local currency issuer default rating from ‘BB-’ to ‘BB’, and its National Long-term rating from ‘AA-(rus)’ to ‘A+(rus)’. The rating outlook is stable. The upgrade shows Lenta’s proven execution of its sales growth strategy while holding strong profitability.
It is expected by Fitch agency that the company will further strengthen its market position and increase the scale of its business over the medium term.
China Gengsheng Minerals, Inc., a materials technology company working in China and making its business through the BVI-registered Gengsheng International Corporation and its wholly-owned Chinese subsidiaries, announced that one of them, Henan Gengsheng Refractories Co., Ltd., was granted the AAA credit rating by the Zhengzhou Enterprise Creditworthiness Evaluation Committee in Henan Province. The rating was approved by the Committee after reviews conducted by several municipal-level bureaus. So, the company is among the highest credit-rated enterprises in the region, where totally 16 received the AAA rating, 11 received AA, and 1 received A.
Chairman and CEO of the company, Mr. Shunqing Zhang, was granted the separate title of “Gongyi City’s Most Influential Person in the 30 Years of Opening & Reform” by the city of Gongyi in Henan Province, for stimulating the rapid growth of Gongyi’s economy and setting excellent examples of taking social responsibilities.
Also, on January 7 it was announced by China Gengsheng Minerals that its subsidiary Henan Gengsheng Refractories Co., Ltd. signed a $2.9 million short-term loan agreement with Zhengzhou City branch of the Industrial and Commercial Bank of China. This loan adds to $3.54 million contract with American distributor, signed by China Gengsheng Minerals last month.
On December 19, GAMCO Investors Inc. announced that the BVI domiciled GAM GAMCO Equity Fund was awarded Standard & Poorâ€™s AAA Rating for the 4th consecutive year.
Managed by value investor Mario Gabelli for more than 20 years, GAM GAMCO Equity Fund is 1 of 4 funds with S&Pâ€™s AAA rating in S&Pâ€™s US Mainstream Sector peer group. The British Virgin Islands domiciled Fund is an open-end investment company sub-advised by GAMCO Asset Management Inc. for Global Asset Management since 1987.
It shoulb be noted here that the S&Pâ€™s AAA rating is a widely acknowledged mark of excellence. To be awarded AAA, the fund must demonstrate the highest standards of quality in the sector that are based on its investment process and managementâ€™s consistency of performance.
Chairman of GAMCO Investors Mario Gabelli, said that the investment team is honored to get such a high rating.