24 Jul 2017 07:00
24 July 2017
GBGI Limited
("GBGI" or the "Company" and, together with its subsidiary undertakings, the "Group")
A.M. Best Affirms Rating of GBG Insurance Limited
Raises Outlook to Stable
GBGI Limited (AIM:GBGI), a leading integrated provider of international benefits insurance, is pleased to announce that A.M. Best has raised the outlook to stable from negative and affirmed the financial strength rating of "B++" (Good) and the long term issuer credit rating of "bbb" of GBG Insurance Limited.
A.M. Best is the principal ratings provider in GBGI's industry. Ratings are a primary consideration when insurance brokers and agents decide which carriers they wish to transact with. Management view this upgrade as commercially positive, adding further impetus and visibility towards the goal of achieving an A rating.
GBG Insurance Limited is GBGI's regulated in-house insurance carrier, incorporated in Guernsey.
Bob Dubrish, CEO of GBGI Limited, said:
"A.M. Best's decision to upgrade the outlook on our Financial Strength rating clearly demonstrates our momentum in terms of growth, profitability and capital strength. We are focused on achieving an A rating and believe we are well advanced on achieving this aim. The financial strength of GBGI and our reinsurance partners have always been key components to our compelling offering, factors which have helped us stand apart from our non-rated or non-reinsured competitors."
For further information please contact:
GBGI Limited |
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Bob Dubrish (CEO) | +1 949 421 3180 |
Eric Dickelman (CFO) | +1 949 421 3390 |
Canaccord Genuity (Nominated Adviser and Broker) |
+44 (0)20 7523 8000 |
Sunil Duggal Andrew Buchanan Emma Gabriel |
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Instinctif Partners (Financial PR) Giles Stewart Rui Videira Lewis Hill | +44 (0)20 7457 2020
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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.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement this inside information is now considered to be in the public domain.