General Accident Maintains CariCRIS Ratings
Demonstrating Sustained Strength in Local and Regional Markets
KINGSTON, JAMAICA; Friday, January 10, 2024: General Accident Insurance Company Jamaica Limited (GenAc) has for the fourth year retained its ratings with the Caribbean Information and Credit Rating Services Limited (CariCRIS). GenAc received notice of its retention of jmA- (Foreign Currency Rating) and jmA (Local Currency Rating) on the Jamaica national rating scale, underscoring its good creditworthiness relative to other obligors in Jamaica.
Sharon Donaldson, Managing Director of GenAc, remarked, “This reaffirmation underscores our commitment to maintaining strong business fundamentals and expanding our regional footprint. It reflects our ability to innovate, adapt, and thrive amid local and global challenges.
CariCRIS also verified a stable outlook, highlighting GenAc’s robust strategies to sustain profitability, strong capital adequacy, and prudent risk management. These ratings reflect GenAc’s resilience and capacity to meet financial obligations despite evolving market conditions.
The agency acknowledged GenAc’s strategic focus on selective underwriting and mitigating claims inflation, predicting a turnaround in profitability for 2025. The reaffirmed ratings further cement GenAc’s position as a leading regional insurer committed to delivering value to clients and stakeholders.
Looking Ahead
For 2025, GenAc seeks to strengthen its market position across the Caribbean and enhance service offerings to a broader client base. Donaldson shared: “Our focus on operational efficiencies, digital transformation, and selective underwriting remains central to our strategy as we serve clients across Jamaica, Barbados, and Trinidad and Tobago.”
GenAc’s achievements, including streamlined claims processing and enhanced customer experience through digital platforms, reinforce its reputation as a leader in the regional insurance market. The company expects to further solidify its market presence and provide diversified insurance solutions to meet the evolving needs of clients.
Operating since the 1920s, GenAc has built a legacy of trust and reliability. A subsidiary of the Musson Group, GenAc provides comprehensive general insurance solutions and has a presence in Jamaica, Barbados, and Trinidad and Tobago. The company maintains strong partnerships with top-tier reinsurers and is listed on the Jamaica Stock Exchange, reflecting its robust governance and performance standards.