{"id":1895,"date":"2024-12-15T19:18:52","date_gmt":"2024-12-15T23:18:52","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=1895"},"modified":"2025-04-30T19:20:42","modified_gmt":"2025-04-30T23:20:42","slug":"general-accident-insurance-company-jamaica-limited-3","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/general-accident-insurance-company-jamaica-limited-3\/","title":{"rendered":"General Accident Insurance Company Jamaica Limited"},"content":{"rendered":"<h2>RATING ACTION:<\/h2>\n<p>On December 6, 2023, CariCRIS reaffirmed the Issuer\/Corporate Credit ratings assigned to <strong>General Accident Insurance Company Jamaica Limited (GENAC or the Company) <\/strong>at <em>jm<\/em><strong>A-<\/strong> (Foreign Currency Rating) and <em>jm<\/em><strong>A<\/strong> (Local Currency Rating) on its Jamaica national rating scale<strong>. <\/strong>A <strong>stable<\/strong> outlook was maintained.<\/p>\n<p class=\"badge\"><strong>RATING SENSITIVITY FACTORS:<\/strong><\/p>\n<p><strong>Factors that could, individually or collectively, lead to an improvement in the Ratings and\/or Outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">Net premium\/ Policy Liabilities &gt; 0.9 times sustained for 2 consecutive financial periods<\/li>\n<li data-mce-word-list=\"1\">Total Investment Assets\/ Policy Liabilities &gt; 1.2 times sustained for 2 consecutive financial periods<\/li>\n<li data-mce-word-list=\"1\">Premium to Surplus Ratio &gt; 1.6 times sustained for 2 consecutive financial periods<\/li>\n<li data-mce-word-list=\"1\">Sustained growth in Profit After Tax (PAT) by &gt; 15% over the next 2 years without adversely impacting capital adequacy and asset quality<\/li>\n<\/ul>\n<p><strong>Factors that could, individually or collectively, lead to a lowering of the Ratings and\/or Outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">A 2-notch deterioration of the credit rating of any of GENAC\u2019s top 5 reinsurers by A.M. Best or Standard and Poor\u2019s Ratings Services<\/li>\n<li data-mce-word-list=\"1\">Loss of relationship with any of the Company\u2019s major reinsurers and failure to provide viable replacements<\/li>\n<li data-mce-word-list=\"1\">A deterioration in the Company\u2019s Minimum Capital Test Ratio below regulatory minimum sustained for 6 months<\/li>\n<li data-mce-word-list=\"1\">A 10% fall in gross premium income sustained for 2 consecutive financial periods<\/li>\n<li data-mce-word-list=\"1\">A loss ratio in excess of 70% sustained for 2 consecutive financial periods<\/li>\n<\/ul>\n<p><strong>Analysts\u2019 Contact Info:<\/strong><\/p>\n<div>Keith Hamlet<\/div>\n<div>Mobile: 1-868-487-8356<\/div>\n<div><a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a><\/div>\n<div><\/div>\n<div>Megan Dass<\/div>\n<div>Mobile: 1-868-713-6863<\/div>\n<div><a href=\"mailto:mdass@caricris.com\">mdass@caricris.com<\/a><\/div>\n<div><\/div>\n<div>\n<table>\n<tbody>\n<tr>\n<td><strong>Disclaimer<\/strong><strong>:<\/strong> 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.\u00a0 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.\u00a0 No part of this report may be published \/ reproduced in any form without CariCRIS\u2019 prior written approval.\u00a0 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.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>RATING ACTION: On December 6, 2023, CariCRIS reaffirmed the Issuer\/Corporate Credit ratings assigned to General Accident Insurance Company Jamaica Limited (GENAC or the Company) at jmA- (Foreign Currency Rating) and jmA (Local Currency Rating) on its Jamaica national rating scale. A stable outlook was maintained. RATING SENSITIVITY FACTORS: Factors that could, individually or collectively, lead [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"table_tags":[],"class_list":["post-1895","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>General Accident Insurance Company Jamaica Limited - CariCRIS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/general-accident-insurance-company-jamaica-limited-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"General Accident Insurance Company Jamaica Limited - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: On December 6, 2023, CariCRIS reaffirmed the Issuer\/Corporate Credit ratings assigned to General Accident Insurance Company Jamaica Limited (GENAC or the Company) at jmA- (Foreign Currency Rating) and jmA (Local Currency Rating) on its Jamaica national rating scale. A stable outlook was maintained. 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