AM Best Affirms Credit Ratings of Allshores Limited and Its Subsidiaries
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Allshores General Insurance Company (Bermuda) Limited, Allshores Life and Benefits Company (Bermuda) Limited and Island Heritage Insurance Company, Ltd. (Cayman Islands). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of the parent company, Allshores Limited (Allshores). The outlook of these Credit Ratings (ratings) is stable.
The ratings are based on Allshores’ balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
Allshores completed the amalgamation of BF&M Limited and Argus Group Holdings Limited in 2025, and rebranded the holding company to Allshores Limited. The post-amalgamated Allshores’ risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is assessed as strongest. Allshores’ investment portfolio is composed of high quality, highly marketable fixed-income securities, with modest exposure to mortgage loans and more than adequate cash and equivalents on its balance sheet. The liability risks are managed through several reinsurance treaties covering its health, life and property and casualty businesses and are with highly rated counterparties. Like its peers, Allshores maintains a high reinsurance dependence, particularly in its property business, given the exposure to catastrophe-prone regions. AM Best notes that Allshores is lowering its exposure in certain higher catastrophe prone geographies.
