After a strong fiscal performance in 2020, Massy United Insurance has received a rating of A- (Excellent) with a stable outlook from AM Best, one of the world’s leading rating agencies for insurance companies.
In a release yesterday, the company said the rating “has once again given its re-affirmation of the financial strength and stability of Massy United Insurance Ltd.”
They added the rating reflects the regional insurance company’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance and appropriate enterprise risk management.
For financial year ended September 2020, the Barbados based Massy United Insurance achieved 18 per cent growth and expanded its asset base to US$313 million in spite of consecutive years of natural disasters, macroeconomic disruptions in the region as well as the challenges caused by the COVID-19 pandemic.
“This one means a lot to us,” said Randy Graham, chief executive officer of Massy United Insurance.
“The COVID-19 pandemic has caused so much adversity throughout the world, but not only did the staff of Massy United tackle this adversity, they found a way to excel and grow in the face of it. With all the global challenges and economic uncertainty, we kept our staff employed, we kept them safe, and we protected our customers. We’ve paid many legitimate claims ranging from Hurricane Elsa to volcanic eruption; all of which helped our customers get back on their feet,” he stated.
Graham continued, “For us the affirmation of our AM Best ratings shows that Massy United has the financial strength to continue to support our staff and the claims of our many customers for a long time to come. I would like to take this opportunity to thank all of our staff, our long-standing clients and the technical team at AM Best who conducted our review. Well done team, Massy United!”