RATING ACTION:
On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to General Accident Insurance Company Jamaica Limited (GENAC or the Company) at jmA- (Foreign Currency Rating) and jmA (Local Currency Rating) on the Jamaica national rating scale. A stable outlook was maintained.
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RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the Ratings and/ or Outlook include:
- A reduction in the share of equity holdings to 25% or less of the investment portfolio sustained for 2 years
- Yield on invested assets ≥ 15% sustained for 2 years
- Return on Earning Assets (ROEA) ≥ 15% sustained for 2 years
- Return on Equity (ROE) ≥ 20% sustained for 2 years
- Minimum Capital Test (MCT) Ratio ≥ 200% sustained for 6 months
- Total Investment Assets/ Policy Liabilities > 1.2 times sustained for 2 financial periods
Factors that could, individually or collectively, lead to a lowering of the Ratings and/ or Outlook include:
- An increase in the share of equity holdings to 50% or more of the investment portfolio sustained for 2 years
- Yield on invested assets ≤ 8% sustained for 2 years
- ROEA ≤ 3% sustained for 2 years
- ROE ≤ 5% sustained for 2 years
- A 2-notch deterioration of the credit rating of any of GENAC’s top 5 reinsurers by A.M. Best or S&P Global
- Loss of relationship with any of the Company’s major reinsurers and failure to provide viable replacements
- A deterioration of the Company’s MCT Ratio below regulatory minimum sustained for 6 months
- Total Investment Assets/ Policy Liabilities < 0.3 times sustained for 2 financial periods
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-8356
E-mail: khamlet@caricris.com
Megan Dass
Mobile: 1-868-713-6863
E-mail: mdass@caricris.com
info@caricris.com
www.caricris.com
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