A.M. Best Co., the world’s oldest and most authoritative insurance rating and information source,  has upheld its B++ rating for Jamaica International Insurance Company (JIIC), despite what it describes as ‘the current challenging macroeconomic environment in Jamaica and the high expense structure of JIIC due to elevated reinsurance costs’.

The rating authority noted as positives, JIIC’s adequate capitalization, favorable operating results, liquid investment portfolio and support from its parent company, GraceKennedy Limited. It noted that JIIC has been able to generate capital internally in the last five years due to strong operating results driven by income from its investment portfolio. 

In 2005, JIIC saw rapid premium expansion as a result of the purchase of Dyoll’s book of business. In March 2006, the value of the business had grown from $1.420 billion in premiums and 22, 262 policies, to $2.580 billion in premiums and 48,196 policies, with the company exceeding its profit target by 21.85%.
 
Mr. Don Wehby, CEO of GK Investments, welcomed the positive rating from A.M. Best. He said this confirmed JIIC’s business strategy of aggressively pursuing growth and expansion possibilities across the region. 

Posted: December 19, 2006