British Caribbean Insurance Company Limited (BCIC) announces that after an analysis of all current information by AM Best, the leading global credit rating agency for the insurance industry, BCIC remains a B++ AM Best rated insurer. The company’s rating underscores BCIC’s unwavering commitment to financial stability and operational excellence.

This AM Best B++ rating is a testament to BCIC’s robust financial health and its dedication to safeguarding the interests of its policyholders. AM Best’s comprehensive analysis highlights several key strengths that underpin this rating.

Very Strong Balance Sheet

BCIC maintains the strongest level of risk-adjusted capitalization, supported by a conservative investment portfolio and prudent underwriting. The company’s consistent operating cash flows ensure strong liquidity.

Strong Operating Performance

The rating agency recognizes BCIC’s track record of strong operating results, with consistent gross premium growth and favorable investment performance that compares well against competitors across the Caribbean. 

Solid Market Position

As the leading general insurer in Jamaica, BCIC holds excellent brand recognition in a highly competitive market, providing a comprehensive range of general insurance products through its network of branches, exclusive sales agents and brokers.

Appropriate Enterprise Risk Management

BCIC’s formal Enterprise Risk Management (ERM) program, overseen by its board of directors and a dedicated risk management committee, ensures that the company proactively identifies, evaluates, and manages risks. Additionally a comprehensive reinsurance program is in place to honour claims and protect earnings in the event of catastrophes.

Following BCIC’s recent acquisition of JN General Insurance Company (JNGI), AM Best has placed BCIC’s rating “Under Review with Developing Implications.” This is a standard process that signals AM Best is conducting further analysis to determine the impact of the acquisition on BCIC’s credit fundamentals. Under AM Best’s definitions, a “Developing” status means there is uncertainty about whether the rating will move up, down, or remain the same once the review is complete.

BCIC Managing Director, Peter Levy, said “Our AM Best B++ rating is a vote of confidence in BCIC’s financial strength, stability, and commitment to our customers. The ‘Under Review’ status simply reflects that AM Best is doing its due diligence on the integration of JNGI. Our business remains strong, and we are excited about the opportunities this acquisition brings to our customers and the insurance market.”

About BCIC

BCIC, founded in 1962, is the leading general insurance company in Jamaica. BCIC is the only Jamaican general insurer rated by an internationally recognized credit rating agency with a rating of B++ (Good) by AM Best and operates in Jamaica, Barbados, Turks and Caicos and the US Virgin Islands.