{"id":2002,"date":"2023-04-03T19:45:48","date_gmt":"2023-04-03T23:45:48","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2002"},"modified":"2025-05-05T19:46:42","modified_gmt":"2025-05-05T23:46:42","slug":"general-accident-insurance-company-jamaica-limited-genac","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/general-accident-insurance-company-jamaica-limited-genac\/","title":{"rendered":"General Accident Insurance Company Jamaica Limited GENAC)"},"content":{"rendered":"<h2><strong>RATING ACTION:<\/strong><\/h2>\n<p><span style=\"font-family: 'book antiqua', palatino;\">On March 16, 2023, CariCRIS reaffirmed the Issuer\/Corporate Credit ratings <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 assigned to <strong>General Accident Insurance Company Jamaica Limited (GENAC or the Company). <\/strong>A <strong>stable<\/strong> outlook was maintained.<\/span><\/p>\n<p class=\"badge\"><strong>RATING SENSITIVITY FACTORS:<\/strong><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Factors that could, individually or collectively, lead to an improvement in the ratings and\/or outlook include:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">An improvement in the credit rating of the Government of Jamaica<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Sustained growth in PAT by &gt; 15% over the next 2 years without adversely impacting capital adequacy and asset quality<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Factors that could, individually or collectively, lead to a lowering of the ratings and\/or outlook include:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A lowering of the credit rating of the Government of Jamaica<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">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<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Loss of relationship with any of the Company\u2019s major reinsurers and failure to provide viable replacements<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A deterioration in the Company\u2019s Minimum Capital Test Ratio below regulatory minimum sustained for 6 months<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A 10% fall in gross premium income for 2 consecutive years<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Analysts\u2019 Contact Info:<\/strong><\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\">Keith Hamlet<\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\">Mobile: 1-868-487-8356<\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a>\u00a0\u00a0\u00a0<\/span><\/p>\n<h5><span style=\"font-size: 8pt;\">Megan Dass<\/span><\/h5>\n<p><span style=\"font-size: 8pt;\"><a href=\"mailto:mdass@caricris.com\">m<span style=\"font-family: 'book antiqua', palatino;\">dass@caricris.com<\/span><\/a><span style=\"font-family: 'book antiqua', palatino;\"> \u00a0\u00a0\u00a0\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><a href=\"http:\/\/www.caricris.com\">www.caricris.com<\/a> \u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><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. \u00a0No 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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&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-2002","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 GENAC) - 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-genac\/\" \/>\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 GENAC) - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"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. 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