OLDWICK, N.J., June 24, 2022–(BUSINESS WIRE)–AM Greatest has assigned a Monetary Power Score of B++ (Good) and a Lengthy-Time period Issuer Credit score Score of “bbb” (Good) to British Caribbean Insurance coverage Firm Restricted (BCIC) (Jamaica). The outlook assigned to those Credit score Scores (scores) is secure.
The scores mirror BCIC’s stability sheet energy, which AM Greatest assesses as very robust, in addition to its robust working efficiency, restricted enterprise profile and applicable enterprise danger administration (ERM).
BCIC is a property/casualty insurer domiciled in Jamaica and has been in enterprise for about 60 years. The corporate generates nearly all of enterprise in its domicile of Jamaica, whereas additionally working in Turks and Caicos and Barbados. BCIC provides an array of insurance coverage merchandise via its branches and brokers, together with business and residential property in addition to car coverages.
BCIC’s stability sheet energy evaluation is supported by its very robust risk-adjusted capitalization, as measured by Greatest’s Capital Adequacy Ratio (BCAR), partially offset by excessive reinsurance dependence on its property e book of enterprise to guard surplus and earnings within the occasion of a disaster. The stability sheet energy evaluation additionally displays the corporate’s comparatively liquid funding portfolio composed of presidency of Jamaica short-term repurchase agreements, money and money equivalents and glued revenue securities. The corporate has been capable of generate natural surplus development, primarily derived from total earnings and regardless of paying common dividends.
BCIC has a confirmed observe file of stable underwriting and total working outcomes. General earnings have been pushed by favorable underwriting efficiency, as evidenced by the corporate’s mixed ratios over the prior five- and 10-year intervals, underpinned by a low expense ratio. Funding revenue has been a gentle contributor to the corporate’s robust working outcomes. Return metrics have been stable and ranks BCIC favorably compared with its Caribbean friends. The corporate’s working efficiency has benefited from BCIC’s applicable ERM framework, complete reinsurance program and prudent underwriting tips.
This press launch pertains to Credit score Scores which were printed on AM Greatest’s web site. For all score data referring to the discharge and pertinent disclosures, together with particulars of the workplace liable for issuing every of the person scores referenced on this launch, please see AM Greatest’s Latest Score Exercise net web page. For added data relating to the use and limitations of Credit score Score opinions, please view Information to Greatest’s Credit score Scores. For data on the correct use of Greatest’s Credit score Scores, Greatest’s Efficiency Assessments, Greatest’s Preliminary Credit score Assessments and AM Greatest press releases, please view Information to Correct Use of Greatest’s Scores & Assessments.
AM Greatest is a worldwide credit standing company, information writer and information analytics supplier specializing within the insurance coverage trade. Headquartered in the US, the corporate does enterprise in over 100 nations with regional workplaces in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico Metropolis. For extra data, go to www.ambest.com.
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