AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Caribbean Alliance Insurance Company Limited (CAIC) (Antigua and Barbuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect CAIC’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

CAIC exhibits solid balance sheet metrics, primarily from its strongest assessment of risk-adjusted capital as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best also observes a very liquid asset portfolio and a reinsurance structure built to protect its surplus position. BCAR scores have been maintained well into the strongest assessment and have remained strongest when stressed through catastrophe events. The company’s reliance on reinsurance and higher reinsurance counter-party risk is offset by its use of very high-quality reinsurance partners.

On a gross written premium basis, long-term premium trends are favorable owing to management’s ability to grow business at a measured pace and vast experience in the Caribbean marketplace. CAIC’s operating gains in 2024, and through third-quarter 2025, are strong and its combined ratio is among the lowest when measured against its industry peers. There has been some recent pressure on gains from higher service expenses, but near-term projected earnings could benefit from softening reinsurance costs in 2026. Additionally, CAIC has success in adding agencies to grow its business and achieve the top five position in market share in 11 of the 16 territories in which it operates in. The company also benefits from strong name brand recognition and the reputation it has built over the years.

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