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AM Best Assigns Credit Ratings to Genesis Global Insurance (SAC) Ltd.

July 9, 2021 GMT


AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to Genesis Global Insurance (SAC) Ltd. (Genesis) (Nassau, Bahamas). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Genesis’ balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The ratings also reflect the company’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and the affiliation with its ultimate parent company, La Colonial, S.A. - Compañía de Seguros (La Colonial), which is one of the leading insurers in the Dominican Republic. Offsetting these positive factors is the inherent risk of a startup implementing its business plan, as well as distribution channel and product concentration.


Genesis is a startup reinsurance company 100% owned by Altos International LLC, which in turn is fully owned by La Colonial. Genesis’ main business purpose is to retain risk exposures that are currently transferred to the market, or self-insured by La Colonial. Genesis’ capacity will be handled through La Colonial’s reinsurance broker, Wahr Re.

Genesis will offer general insurance, including the following risks: motor vehicle, property and liability. Due to the nature of the new company’s strategy, there is concentration in a single distribution channel, as well as exposure to catastrophe insurance, which limits AM Best’s view of the company’s business profile.

The company’s very strong balance sheet assessment is derived from its strongest level of risk-adjusted capitalization. To achieve its business targets, the company has been capitalized with USD 2.5 million, and might be subject to more capital contributions as the operation evolves. There will also be capital relief from the use of reinsurance, as Genesis will cede approximately 70% of its business, in line with the reinsurance program of the ultimate parent company.

The adequate assessment of Genesis’ operating performance reflects the successful track record of its management and underwriting teams, and the operational leverage the company gains from being integrated into La Colonial.

Positive rating movements are not expected in the medium term. Negative rating actions could occur if the company experiences a deterioration in its risk-adjusted capitalization as a result of the inherent execution risk or if AM Best determines that the strategic importance of Genesis to La Colonial has decreased.


This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Financial Analyst

+52 55 1102 2720, ext. 134

olga.rubo@ambest.comChristopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.comAlfonso Novelo

Senior Director, Analytics

+52 55 1102 2720, ext. 107

alfonso.novelo@ambest.comJim Peavy

Director, Communications

+1 908 439 2200, ext. 5644




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PUB: 07/09/2021 03:50 PM/DISC: 07/09/2021 03:51 PM