A.M. Best Affirms Ratings of Jamaica International Insurance Company.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of B++ (Good) and issuer credit rating of "bbb" of Jamaica International Insurance Company Limited (JIIC JIIC Junction Isolated Integrated Circuit ) (Jamaica). The outlook for both ratings is stable. These rating actions reflect JIIC's favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. capitalization, historical profitability and financial flexibility as a result of the support and commitment of its parent, GraceKennedy Limited (GK Group), one of the leading business conglomerates in the region. GK Group is publicly traded on the Jamaica, Trinidad, Barbados and Eastern Caribbean stock exchanges. Historically, JIIC has reported consistent earnings as a result of its conservative operating strategies and steady investment income. Consequently, the company has been able to consistently enhance its capital position, and it continues to maintain adequate risk-adjusted capitalization as measured by Best's Capital Adequacy Ratio Capital adequacy ratio (CAR), also called Capital to Risk (Weighted) Assets Ratio (CRAR)[], is a ratio of a bank's capital to its risk. National regulators track a bank's CAR to ensure that it can absorb a reasonable amount of loss. (BCAR BCAR Brunswick County Association of Realtors BCAR British Civil Airworthiness Requirements BCAR Bullitt County Animal Rescue (Shepherdsville, KY) BCAR Business Case Analysis Report BCAR Beaver Creek Array BCAR Buffalo Civic Auto Ramps, Inc. ). As an integral member within the GK Group's financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , JIIC enjoys strong parental support and commitment as evidenced by past capital contributions and its stated willingness to make additional funds available should the need arise. Partially offsetting these strengths is JIIC's lack of geographic diversification, the continuing challenges in the Jamaican macroeconomic mac·ro·ec·o·nom·ics n. (used with a sing. verb) The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. environment and the high cost of reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. due to JIIC's dependence on reinsurance for earnings and surplus protection from catastrophic events. For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion