A.M. Best Affirms Rating of Jamaica International Insurance Company Limited; Removes Rating From Under Review.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of B++ (Very Good) of Jamaica International Insurance Company Limited (JIIC JIIC Junction Isolated Integrated Circuit ) (Kingston, Jamaica The City of Kingston is the capital and largest city of Jamaica. It is located on the southeastern coast of the island country at Coordinates: . ). The rating has been removed from under review with negative implications and assigned a stable outlook. This rating action is based on the recently completed capital infusion Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 4.62 million into JIIC from its parent company, Grace Kennedy Grace Kennedy (1782-1825) was a Scottish writer. She was born at Pinmore, Ayrshire, but at an early age removed to Edinburgh. She wrote novels of a religious tendency which had no small vogue in their day. Limited (Grace Kennedy), to support JIIC's recent acquisition of the motor portfolio of Dyoll Insurance Company and the resulting deterioration of JIIC's risk-based capitalization and underwriting leverage. The capital contribution included the issuance of preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. (USD 3.16 million) to Grace Kennedy and the conversion of intercompany debt into equity (USD 1.49 million). As a result of the capital infusion, JIIC's risk-based capital position has improved substantially, and it is in line with A.M. Best's expectations and its current financial strength rating. JIIC is a property/casualty insurer and a member of Grace Kennedy, a major Jamaican business conglomerate with operations in retail, financial services, information technology and food manufacturing. For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. For current Best's Ratings, independent data and analysis on more than 3,000 individual property/casualty companies and A.M. Best groups, please visit www.ambest.com/pc. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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