AM Best Downgrades Credit Ratings of Insurance Corporation of Barbados Limited; Places Under Review with Developing Implications

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating to “bbb+” from “a-” of Insurance Corporation of Barbados Limited (ICBL) (Barbados). Concurrently, AM Best has placed these Credit Ratings (ratings) under review with developing implications. The ratings reflect ICBL’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, limited busi