31 Aug 2018 14:53
31 August 2018
GBGI LIMITED
("GBGI" or the "Company" and, together with its subsidiary undertakings, the "Group")
A.M. Best affirms rating of GBG Insurance Limited
Revised outlook to negative
GBGI Limited (AIM:GBGI), a leading integrated provider of international benefits insurance, announces that A.M. Best has affirmed the financial strength rating of "B++" (Good) and the long term issuer credit rating of "bbb" of GBG Insurance Limited. A.M. Best revised the outlook from stable to negative.
A.M. Best's decision to revise the outlook has resulted from the one-off impairment allowance that was reported for FY2017 in relation to the restructuring of the business in Angola, in response to adverse economic conditions in the country.
A.M. Best is the principal ratings provider in GBGI's industry. GBG Insurance Limited is GBGI's regulated in-house insurance carrier, incorporated in Guernsey.
Bob Dubrish, CEO of GBGI commented:
"A.M. Best's decision to revise the outlook resulted from the one-off impairment allowance booked in relation to the Angola business. We firmly believe we made a prudent decision to take the impairment allowance, and we remain confident in the long-term prospects of the Group."
For further information please contact:
GBGI Limited
Bob Dubrish (CEO) +1 949 421 3180
Eric Dickelman (CFO) +1 949 421 3390
Canaccord Genuity (Nominated Adviser & Broker) +44 (0)20 7523 8000
Sunil Duggal
Bill Gardiner
Emma Gabriel
Notes to Editors
GBGI is a leading integrated provider of international benefits insurance, operating globally across over 120 jurisdictions. Trading principally as "The Global Benefits Group" or "GBG", the Group distributes and underwrites health, life and disability, and travel insurance, with a client base that spans multinational corporations, expatriates, local HNWIs, international schools, non-profit organisations and international students. GBGI is a fully integrated insurance group providing services from policy sales to claims administration and servicing and is committed to delivering high levels of customer service. GBGI is incorporated in Guernsey.