Ratings Recap: Jamaica International, Arab Union Re

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.