A.M. Best Co. has assigned an issuer credit rating (ICR) of “bbb” and affirmed the financial strength rating (FSR) of B++ (Good) of Jamaica International Insurance Company Limited (JIIC) with a stable outlook. “The ratings reflect JIIC’s favorable capitalization, profitable operating results and financial flexibility as a result of the support and commitment of its parent, Grace Kennedy Limited (GK),” said Best. GK is one of the leading business conglomerates in the region and is publicly-traded on the Jamaica, Barbados, Trinidad and Tobago and Eastern Caribbean Islands stock exchanges.
Standard & Poor’s Ratings Services has assigned its ‘BB’ long-term insurer financial strength and counterparty credit ratings to Syria-based Arab Union Reinsurance Co. (AU Re) with a stable outlook. “The ratings reflect the company’s marginal competitive position in the international reinsurance sector, and its marginal investment portfolio currently centered on unrated banks,” S&P explained. “These concerns are mitigated in part, however, by AU Re’s strong level of capitalization, good earnings and good liquidity.
Was this article valuable?
Here are more articles you may enjoy.
New York Hospital Insurer Files for Bankruptcy, Citing Child Sex Abuse Claims 
Progressive Records $2.6B in Q3 Income After Refunds for Excess Profits in Florida 
A 7-Minute Louvre Heist Leaves Behind DNA and Dropped Crown 
Tennessee Plant Explosion That Killed 16 Was Preventable, National COSH Says 
