I agree with you. There are no financials, no valid auditors, no AM Best nor S&P rating.Even having Lloyds as a reinsurer means nothing. They are notorious to fight claims.
Think for a second: most insurance companies and reinsurers are trying to diversify risks in a different parts of the world, so when a catastrophic incident occurs (hurricane, earthquake) they are OK.
Now this company has ALL its business in ONE location.
The answer: write more business, offer better terms, hoping there will be no claims. You know how that ends.
Large commercial shipping companies have brokers to place their business. They don't place that business with phony insurance companies, or their professional liability would first on the line if that company goes belly up.
But one day claims occur, and the business folds.
Every state in the US, every country in Europe has financial regulators that exist to protect the consumer. They monitor constantly assets and liabilities. They limit by law the risky assets to avoid fluctuations of outcomes, and they monitor reserves by cross referencing what actuaries provide.
Despite all of that, regulators get tricked by insurance companies. But if that happens (and it does happen a lot in the US), the insurance company is placed in receivership, and there is an actual fund that exists to protect policyholders, and that fund is fed with taxes levied from insurance companies.
There are no such thing in Granada.
FYI, David Marchant had uncovered what was the Ponzi scheme at First International Bank of Grenada.
John Bernard "JB" Duler
Meltem # 19, Western Med