Nagico Upgraded to a- by A.M. Best
A.M. Best has upgraded NAGICO Insurances to A- (Excellent), citing stronger balance sheet, improving operating performance and disciplined risk management across its Caribbean operations. The rating gives policyholders, brokers and regulators — including those in the BVI — an independent signal of NAGICO’s ability to meet claims in a region exposed to natural disasters and economic volatility.
Best has upgraded NAGICO Insurances to an A- (Excellent) rating, reflecting the regional insurer’s strengthened balance sheet, consistently improving operating performance, disciplined risk management and effective execution of its long-term strategy across multiple Caribbean markets.
The upgrade, announced in a company press release, positions NAGICO as a Top Tier insurance group and sends a clear signal to policyholders, brokers, business partners and regulators — including those in the British Virgin Islands — that the insurer has the financial capacity to meet its obligations, especially in a region susceptible to hurricanes, volcanic events and other climate-driven catastrophes.
Kyria Ali, Chief Executive Officer of NAGICO Insurances, welcomed the upgrade, saying the rating is an independent endorsement of the Group’s financial strength and disciplined management. "It validates the confidence and trust our customers across the Caribbean and in France have put in us to be there for them, their families and their businesses when they need us most," Ali said.
Best is a globally recognised credit rating agency specialising in the insurance industry. Its ratings assess factors such as balance sheet strength, operating performance, business profile and enterprise risk management. An A- (Excellent) designation indicates strong capitalisation and balance sheet resilience, prudent underwriting and risk management practices, and a sustainable long-term business strategy.
Imran McSood Amjad, Executive Chairman of NAGICO Insurances, said the upgrade reflects deliberate steps taken by the Board and Management to bolster the Group’s balance sheet, governance and risk controls. The company has also made targeted investments in reinsurance protection, governance frameworks and talent to improve its claims-paying capacity and operational resilience.
For BVI residents this rating matters: insurers with higher ratings are generally better positioned to secure reinsurance, maintain capacity during catastrophic events and meet large claims without compromising service. That stability matters to homeowners, small businesses, maritime interests and others who rely on prompt and full claims settlement after storms or other losses.
NAGICO’s upgrade underscores the insurer’s long-term commitment to sustainable growth and to being "Fast, Fair and Always There," according to the company. Management attributed the recognition to the collective efforts of employees, partners and stakeholders across the Group’s regional footprint.
Primary source: VINO