GraceKennedy's general insurance arm, Jamaica International Insurance Company (JIIC) has received a favourable assessment from US rating agency A.M. Best Company.
A.M Best has affirmed JIIC's financial strength rating of B double plus and issuer credit rating of triple B.
The outlook for both ratings is stable.
AM Best says the rating actions reflect JIIC’s favourable capitalization, historical profitability and financial flexibility as a result of the support and commitment of its parent, GraceKennedy.
It adds that historically, JIIC has reported consistent earnings as a result of its conservative operating strategies and steady investment income.
This has enabled the company to consistently enhance its capital position, and maintain adequate risk-adjusted capitalization as measured by A.M Best's Capital Adequacy Ratio.
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