Barbados-based Massy United Insurance has maintained its A (excellent) rating from AM Best, one of the world’s leading rating agencies for insurance companies.
The rating is a reaffirmation of the financial strength and stability of Massy United Insurance and comes with a stable outlook reflecting the regional insurance company’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance and appropriate enterprise risk management.
This rating affirmation follows a strong financial result for the regional company in its financial year ended September 2020, when it achieved 18 per cent growth and expanded its asset base to US$313 million. This growth in performance was realised despite consecutive years of natural disasters, macroeconomic disruptions in the region, as well as the challenges caused by the novel coronavirus pandemic.
Randy Graham, chief executive officer of Massy United Insurance acknowledged that, “This one means a lot to us,” as he remarked on the rating affirmation.
“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,” Graham added.
Headquartered in Barbados, Massy United Insurance is one of the Caribbean’s largest general insurance companies, offering personal and commercial insurance solutions for individuals, families, businesses, and organisations of just about every form and size. The company offers a range of products and services for home, motor, business, marine, accident, and engineering classes of insurance and operates in 19 territories throughout the English- and Dutch-speaking Caribbean.