{"id":2777,"date":"2021-12-16T18:50:33","date_gmt":"2021-12-16T22:50:33","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2777"},"modified":"2025-07-01T18:51:39","modified_gmt":"2025-07-01T22:51:39","slug":"genaral-accident-insurance-company-jamaica-limited-genac","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/genaral-accident-insurance-company-jamaica-limited-genac\/","title":{"rendered":"Genaral Accident Insurance Company Jamaica Limited (GENAC)"},"content":{"rendered":"<p><strong>RATING DRIVERS<\/strong><\/p>\n<p class=\"badge\"><strong>Supporting Factors<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">Long established player with strong brand equity and good market position<\/li>\n<li data-mce-word-list=\"1\">Good capital adequacy supported by low risk retention and strong network of reinsurers<\/li>\n<li data-mce-word-list=\"1\">Moderately diverse investment portfolio with good returns and good liquidity, notwithstanding the impact of COVID-19<\/li>\n<li data-mce-word-list=\"1\">History of profitable operations<\/li>\n<li data-mce-word-list=\"1\">Strong Enterprise Risk Management (ERM) framework<\/li>\n<\/ul>\n<p class=\"badge\"><strong>Constraining Factor<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">Sluggish economic conditions could constrain growth<\/li>\n<\/ul>\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\">An improvement in the credit rating of the Government of Jamaica<\/li>\n<li data-mce-word-list=\"1\">Sustained growth in 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 lowering of the credit rating of the Government of Jamaica<\/li>\n<li data-mce-word-list=\"1\">A 2-notch deterioration of the credit rating of any of GENAC\u2019s top 4 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<\/li>\n<li data-mce-word-list=\"1\">A deterioration in the Company\u2019s Minimum Capital Test Ratio below 175% sustained for 6 months<\/li>\n<li data-mce-word-list=\"1\">A 10% fall in gross premium income for 2 consecutive years<\/li>\n<\/ul>\n<p><strong>COMPANY BACKGROUND<\/strong><\/p>\n<p>General Accident, located in Kingston, Jamaica, commenced operations in the 1920s, as agents for global insurer General Accident Fire and Life Assurance Corporation Limited (GAFLAC), headquartered in Perth, Scotland. In 1981, the majority shareholding<a id=\"_ftnref1\" href=\"#_ftn1\"><sup>[1]<\/sup><\/a> of GAFLAC\u2019s agency\u2019s operations was acquired by Musson (Jamaica) Limited (the Musson Group)<a id=\"_ftnref2\" href=\"#_ftn2\"><sup>[2]<\/sup><\/a>, after which it was renamed and incorporated as General Accident Insurance Company Jamaica Limited (GENAC or the Company) and became a wholly owned subsidiary of the Musson Group. In 2011, 20% of GENAC\u2019s shares were listed on the Jamaica stock exchange. With the exception of the Musson Group, the 2 largest shareholders as at September 2021 were Mayberry Jamaica Equities Limited and QWI Investments Limited, holding around 3.36% of the aggregate shareholdings of GENAC.<\/p>\n<p>In September 2019, the GENAC Group acquired 55% of the share capital of Motor One Insurance Company Limited in Trinidad and Tobago (T&amp;T) (Motor One) and subsequently raised its shareholding to 65% in June 2020. In October 2020, Motor One was formally renamed General Accident Insurance Company (Trinidad) Limited (GENACTT). In 2019, the Company also incorporated General Accident Insurance Company (Barbados) Limited (GENACBB), a subsidiary of GENAC, and commenced operations in May 2020. GENAC offers a range of general insurance products including motor, property, travel, engineering, bonds, public liability and marine cargo.<\/p>\n<p>As at September 2021, the Company reported total assets of J $9.1 billion and over the last 5 years (2016-2020), its revenue and profit after tax averaged J $8.7 billion and J $346.4 million respectively.<\/p>\n<p><a id=\"_ftn1\" href=\"#_ftnref1\"><sup>[1]<\/sup><\/a> <em>The minority shareholder was <\/em><em>General Accident, Perth<\/em>.<\/p>\n<p><a id=\"_ftn2\" href=\"#_ftnref2\"><sup>[2]<\/sup><\/a> <em>The Musson Group is a manufacturing and merchandising group incorporated and domiciled in Jamaica.<\/em><\/p>\n<p><em>Analytical Contacts:<\/em><\/p>\n<p>Megan Dass<\/p>\n<p><em>Tel: 1-868-627-8879 Ext. 239<\/em><\/p>\n<p><em>E-mail: <\/em><em><a href=\"mailto:mdass@caricris.com\">mdass@caricris.com<\/a><\/em><\/p>\n<p>Keith Hamlet<\/p>\n<p><em>Tel: 1-868-627-8879 Ext. 244<\/em><\/p>\n<p><em>Cell: 1-868-487-8356<\/em><\/p>\n<p><em>E-mail: <\/em><em><a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a><\/em><\/p>\n<p>Website: <a href=\"http:\/\/www.caricris.com\">www.caricris.com<\/a><\/p>\n<p>E-mail: <a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/p>\n<p><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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors Long established player with strong brand equity and good market position Good capital adequacy supported by low risk retention and strong network of reinsurers Moderately diverse investment portfolio with good returns and good liquidity, notwithstanding the impact of COVID-19 History of profitable operations Strong Enterprise Risk Management (ERM) framework Constraining Factor [&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-2777","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>Genaral 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\/genaral-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=\"Genaral Accident Insurance Company Jamaica Limited (GENAC) - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING DRIVERS Supporting Factors Long established player with strong brand equity and good market position Good capital adequacy supported by low risk retention and strong network of reinsurers Moderately diverse investment portfolio with good returns and good liquidity, notwithstanding the impact of COVID-19 History of profitable operations Strong Enterprise Risk Management (ERM) framework Constraining Factor [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/genaral-accident-insurance-company-jamaica-limited-genac\/\" \/>\n<meta property=\"og:site_name\" content=\"CariCRIS\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-16T22:50:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-01T22:51:39+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/genaral-accident-insurance-company-jamaica-limited-genac\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/genaral-accident-insurance-company-jamaica-limited-genac\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\"},\"headline\":\"Genaral Accident Insurance Company Jamaica Limited (GENAC)\",\"datePublished\":\"2021-12-16T22:50:33+00:00\",\"dateModified\":\"2025-07-01T22:51:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/genaral-accident-insurance-company-jamaica-limited-genac\\\/\"},\"wordCount\":604,\"commentCount\":0,\"articleSection\":[\"Rating Releases\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/genaral-accident-insurance-company-jamaica-limited-genac\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/genaral-accident-insurance-company-jamaica-limited-genac\\\/\",\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/genaral-accident-insurance-company-jamaica-limited-genac\\\/\",\"name\":\"Genaral Accident Insurance Company Jamaica Limited (GENAC) - CariCRIS\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#website\"},\"datePublished\":\"2021-12-16T22:50:33+00:00\",\"dateModified\":\"2025-07-01T22:51:39+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/genaral-accident-insurance-company-jamaica-limited-genac\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/genaral-accident-insurance-company-jamaica-limited-genac\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/genaral-accident-insurance-company-jamaica-limited-genac\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Genaral Accident Insurance Company Jamaica Limited (GENAC)\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#website\",\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/\",\"name\":\"CariCRIS\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\",\"name\":\"admin\",\"sameAs\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\"],\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Genaral Accident Insurance Company Jamaica Limited (GENAC) - CariCRIS","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/genaral-accident-insurance-company-jamaica-limited-genac\/","og_locale":"en_US","og_type":"article","og_title":"Genaral Accident Insurance Company Jamaica Limited (GENAC) - CariCRIS","og_description":"RATING DRIVERS Supporting Factors Long established player with strong brand equity and good market position Good capital adequacy supported by low risk retention and strong network of reinsurers Moderately diverse investment portfolio with good returns and good liquidity, notwithstanding the impact of COVID-19 History of profitable operations Strong Enterprise Risk Management (ERM) framework Constraining Factor [&hellip;]","og_url":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/genaral-accident-insurance-company-jamaica-limited-genac\/","og_site_name":"CariCRIS","article_published_time":"2021-12-16T22:50:33+00:00","article_modified_time":"2025-07-01T22:51:39+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/genaral-accident-insurance-company-jamaica-limited-genac\/#article","isPartOf":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/genaral-accident-insurance-company-jamaica-limited-genac\/"},"author":{"name":"admin","@id":"https:\/\/craftedcaribbean.com\/caricris\/#\/schema\/person\/510bfdfe41fce6bedbec995f62a44967"},"headline":"Genaral Accident Insurance Company Jamaica Limited (GENAC)","datePublished":"2021-12-16T22:50:33+00:00","dateModified":"2025-07-01T22:51:39+00:00","mainEntityOfPage":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/genaral-accident-insurance-company-jamaica-limited-genac\/"},"wordCount":604,"commentCount":0,"articleSection":["Rating Releases"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/genaral-accident-insurance-company-jamaica-limited-genac\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/genaral-accident-insurance-company-jamaica-limited-genac\/","url":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/genaral-accident-insurance-company-jamaica-limited-genac\/","name":"Genaral Accident Insurance Company Jamaica Limited (GENAC) - CariCRIS","isPartOf":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/#website"},"datePublished":"2021-12-16T22:50:33+00:00","dateModified":"2025-07-01T22:51:39+00:00","author":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/#\/schema\/person\/510bfdfe41fce6bedbec995f62a44967"},"breadcrumb":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/genaral-accident-insurance-company-jamaica-limited-genac\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/genaral-accident-insurance-company-jamaica-limited-genac\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/genaral-accident-insurance-company-jamaica-limited-genac\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/craftedcaribbean.com\/caricris\/"},{"@type":"ListItem","position":2,"name":"Genaral Accident Insurance Company Jamaica Limited (GENAC)"}]},{"@type":"WebSite","@id":"https:\/\/craftedcaribbean.com\/caricris\/#website","url":"https:\/\/craftedcaribbean.com\/caricris\/","name":"CariCRIS","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/craftedcaribbean.com\/caricris\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/craftedcaribbean.com\/caricris\/#\/schema\/person\/510bfdfe41fce6bedbec995f62a44967","name":"admin","sameAs":["https:\/\/craftedcaribbean.com\/caricris"],"url":"https:\/\/craftedcaribbean.com\/caricris\/author\/admin\/"}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/posts\/2777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/comments?post=2777"}],"version-history":[{"count":1,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/posts\/2777\/revisions"}],"predecessor-version":[{"id":2778,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/posts\/2777\/revisions\/2778"}],"wp:attachment":[{"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/media?parent=2777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/categories?post=2777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/tags?post=2777"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/table_tags?post=2777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}