RATING ACTION:
On March 16, 2023, CariCRIS reaffirmed the Issuer/Corporate Credit ratings jmA- (Foreign Currency Rating) and jmA (Local Currency Rating) on its Jamaica national rating scale assigned to General Accident Insurance Company Jamaica Limited (GENAC or the Company). A stable outlook was maintained.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the ratings and/or outlook include:
- An improvement in the credit rating of the Government of Jamaica
- Sustained growth in PAT by > 15% over the next 2 years without adversely impacting capital adequacy and asset quality
Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
- A lowering of the credit rating of the Government of Jamaica
- A 2-notch deterioration of the credit rating of any of GENAC’s top 5 reinsurers by A.M. Best or Standard and Poor’s Ratings Services
- Loss of relationship with any of the Company’s major reinsurers and failure to provide viable replacements
- A deterioration in the Company’s Minimum Capital Test Ratio below regulatory minimum sustained for 6 months
- A 10% fall in gross premium income for 2 consecutive years
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-8356
Megan Dass
Disclaimer: CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable. However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. No part of this report may be published / reproduced in any form without CariCRIS’ prior written approval. CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this product.