Kingston, Jamaica: General Accident Insurance Company Jamaica Limited (GenAc) has maintained the jmA- (Foreign Currency Rating) issuer/corporate credit rating and jmA (Local Currency Rating) on its Jamaica national rating scale assigned by Caribbean Information and Credit Rating Services Limited (CariCRIS) for the third consecutive year in 2023..
CariCRIS first issued these ratings on December 16, 2021. CariCRIS also maintains a stable outlook on the ratings.
The regional credit rating agency reaffirmed the ratings, noting that they speak to the level of creditworthiness of GenAc while taking into consideration the good creditworthiness of other obligors in Jamaica.
Managing director of GenAc Sharon Donaldson notes that the ratings “reflects our commitment to sound financial management in an evolving economy. We are proud of our company’s strong business fundamentals as we maintain strong capital adequacy and drive profitability in the face of local and global risks,” she adds.
Donaldson asserts that the company continues to benefit from operational efficiencies derived from the digital transformation which facilitate online quotes, payments and policy distributions to clients via the website and other secure platforms.
According to CariCRIS, The ratings of GENAC reflect its good market position as a long-established player, with strong brand equity in the Jamaica general insurance industry. Additionally, the Company’s good capital adequacy, supported by low-risk retention and strong network of reinsurers also supports the ratings. GENAC continues to maintain a moderately diverse investment portfolio, with good returns and liquidity.”
Commenting on its outlook on the company, CariCRIS explains, “The stable outlook is based on our expectation that GenAc will continue to be profitable over the next 12 to 15 months and maintain its key credit drivers..”
Headquartered in Kingston, Jamaica, GenAc began operating in the 1920s as an agent of Scotland-based insurer General Accident Fire and Life Assurance Corporation Limited (GAFLAC). In 1981 Musson (Jamaica) Limited acquired a majority shareholding in the company and after renaming it, incorporated the company as General Accident Insurance Company Jamaica Limited — a wholly owned subsidiary of the Musson Group. In 2011, Musson Group listed 20 per cent of GenAc’s shares on the Jamaica Stock Exchange.
The company also operates in the Barbados and Trinidad and Tobago markets. In Barbados, GenAC was incorporated in 2019 and began operations in May 2020.