The AM Best credit rating indicates a company’s level of financially security and are based on the belief that a company is able to meet its financial obligations. AM Best maintains an extensive database of life/health, property/casualty insurance companies worldwide. It is the world's largest credit rating agency specializing in the insurance industry.
On Aug. 8, AM Best announced it “has upgraded the financial strength rating of Century to A- (Excellent) from B++ (Good) of Century Insurance Co. (Guam) Ltd.”
AM Best went on to say in its release, “The ratings reflect CIC Guam’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
“CIC Guam has reported underwriting profits for nine consecutive years and net income in each of the last 10 years. In 2023, the company was impacted by the most severe weather event since 2002, with Typhoon Mawar passing over Guam. Despite this event, CIC Guam exceeded expectations with an 83.1% combined ratio, demonstrating the effectiveness of the reinsurance program,” AM Best said.
George Chiu is president of Century Insurance, which does business in Guam, the Northern Mariana Islands and the Micronesia region. The company is an affiliate of the Tan Holdings group, with other business units bearing the Century brand. Tan Holdings businesses include AB Risk Solutions, Asia Pacific Airlines, Blue Bay Petroleum, the Crowne Plaza resorts, and Luen Thai Fishing Venture.
For a detailed analysis of the insurance market, see “Insurance industry experts talk turkey in a tough market,” in the March-April 2024 issue of Guam Business Magazine and see the latest in the industry in a column by Frank Campillo of Calvo's SelectCare in the July edition of the Marianas Business Journal. mbj
Credit rating agency upgrades Guam company
Credit rating agency upgrades Guam company
- Date Posted: Aug 20, 2024
- News: Guam
-
Share this News
Credit rating agency upgrades Guam company
Recommended Articles...
GameBox and DukDukShave Ice offers place for residents to chill in Guam
The latest ventures on Guam early in 2026 feature a revival of Guam’s arcade scene and a new stop for those making the journey down south.
Read More 
Cannabis summit shows slow pace of regulation and challenges to the industry
Government leaders, regulators and industry stakeholders gathered at the Cannabis Industry Regulations Annual Summit on Jan. 29 to discuss the state of Guam’s cannabis industry and the obstacles preventing
full implementation.
Read More full implementation.
CBD stores increase: Confusion and caution remain
CBD or cannabidiol products are widely available in Guam and increasingly used by residents seeking relief from all sorts of medical conditions.
Read More 
Carpe diem: Guam restaurateur seizes the opportunity
A chance discussion between Casey Castro, chef and owner of Capital Food Group with a fellow chef and owner and chef led to an addition to Castro’s group and an additional jump in assets that he wasn’t expecting.
Read More