General Accident Receives “Good Creditworthiness” From CariCRIS Credit Ratings

• General Accident Insurance Company Jamaica Limited (GENAC) has been assigned initial issuer/corporate credit ratings by Caribbean Information and Credit Rating Services Limited (CariCRIS). GENAC is the first standalone general insurance company in Jamaica that has been rated by CariCRIS. 
• The ratings of jmA- (Foreign Currency Rating) and jmA (Local Currency Rating), on the CariCRIS Jamaica national rating scale, reflect GENAC’s good market position as a long-established player with strong brand equity in Jamaica’s general insurance industry. 
• GENAC’s investment portfolio continues to display good returns and good liquidity, despite the impact of COVID-19, also factored into the rating. Furthermore, GENAC’s history of profitable operations and its strong Enterprise Risk Management (ERM) framework both support the ratings. 
• The outlook on GENAC’s rating is stable, reflecting expectations that the company will continue to be profitable, maintaining all its key credit drivers including good capitalization and liquidity. As at September 2021, it had assets totaling J$9.1Bn, and over the last 5 years (2016-2020), its revenues and net profit have averaged J$8.7Bn and J$346.4Mn, respectively.

(Sources: JSE News)