|[February 15, 2013]
A.M. Best Places Ratings of Jamaica International Insurance Company Limited Under Review with Negative Implications
OLDWICK, N.J. --(Business Wire)--
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
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
JIICmanagement 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.
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