An island-based company is celebrating after retaining its rating from a specialist organisation.

AKG has once again renewed Isle of Man based International Financial Group Limited (IFGL’s) B+ (very strong) rating for financial strength.

No other international life company has a higher rating.

AKG also renewed its five-star service rating for IFGL’s RL360, RL360° Services and Friends Provident International Limited brands.

AKG Financial Analytics Ltd specialises in the provision of ratings, information and market assistance to the financial services industry.

The company’s reports are designed to provide advisers the information they need to assess the relative strengths of offshore long-term insurers.

IFGL employs 500 plus staff across its Douglas and Castletown offices. International House in Douglas serves as IFGL’s headquarters while Royal Court in Castletown is home to the group’s customer facing staff.

In its report, AKG said: ‘AKG considers IFGL to be a financially strong standalone operation with very strong operational characteristics and strategy, delivered by a consistent management team, which provides a strong basis for further development.’

IFGL marketing director Simon Barwell said: ‘Our first full year with majority investor Cinven has been a real success.

‘I’m very happy to see AKG acknowledge not only our financial strength but also that we are well placed for further development. IFGL is a forward-thinking organisation keen to grow and evolve in the coming years.’

Cinven, a international private equity firm, announced in February last year that it had reached an agreement to acquire IFGL, a leading life insurance provider of cross-border, long-term savings products for internationally mobile clients.

It said IFGL had £19 billion of assets under administration. Financial details of the transaction were not disclosed.