AM Best Affirms Credit Ratings of CIGNA Global Insurance Company Limited

AMSTERDAM–(BUSINESS WIRE)–#insurance–AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of CIGNA Global Insurance Company Limited (CGIC) (Guernsey). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect CGIC’s 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. Furthermore, the ratings of CGIC factor in ratings lift from its ultimate parent, U.S.-based Cigna Corporation.

CGIC’s balance sheet strength is supported by its strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR). In addition, the assessment considers the company’s conservative investment strategy and its prudent reserving approach. This is partially offset by the company’s dependence on reinsurance, which is provided by an unrated group reinsurer. AM Best notes that collateral is in place to reduce the associated counterparty credit risk.

CGIC has a track record of positive operating performance, demonstrated by a five-year (2016-2020) weighted average return-on-equity ratio of 16.3%. The company has reported a weighted average combined ratio of 83.9% over the same period; however, underwriting results have been subject to some volatility as the company has been scaling up its operations. AM Best expects prospective earnings to remain positive, underpinned by profitable technical performance and modest investment returns, reflecting the low-yielding assets in which the company primarily invests.

AM Best considers CGIC’s business profile to be limited owing to its relatively small size and high product concentration. Whilst AM Best expects the company to continue growing its premium base, the successful expansion is subject to competitive pressures from larger market players.

CGIC is considered to be an important part of Cigna Corporation’s strategy and has benefited from capital contributions and operational support from its parent in the past. AM Best expects that the group will continue to provide support to the subsidiary as and when needed.

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 use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising 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.


Giannina Carbajal Ortiz
Financial Analyst
+31 30 308 5428

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Victoria Ohorodnyk
Associate Director, Analytics
+31 20 308 5432

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644

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