logo
  Join        Login             Stock Quote

A.M. Best Places Ratings of Jamaica International Insurance Company Limited Under Review with Negative Implications

Friday, February 15, 2013 12:30 PM


A.M. Best Co. has placed the financial strength rating of B++ (Good) and issuer credit rating of “bbb” of Jamaica International Insurance Company Limited (JIIC) (Jamaica) under review with negative implications.

The under review status reflects A.M. Best’s concern with the uncertainty pertaining to the recently announced National Debt Exchange “NDX” and its effect on JIIC, its parent company, GraceKennedy Limited (GKL), and the Jamaican financial markets. GKL is a business conglomerate incorporated in Jamaica and diversified in the areas of food processing and distribution, banking and finance, as well as insurance and remittance services.

The ratings will remain under review pending further discussions with JIIC management regarding the impact of the NDX on the company’s operations, its parent and the Jamaican macroeconomic environment.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding Universal BCAR”; “Catastrophe Analysis in A.M. Best Ratings”; “Evaluating Non-Insurance Ultimate Parents”; and “Evaluating Country Risk.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

(Source: Business Wire )
(Source: Quotemedia)

Advertisement
Advertisement



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.