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.