28 March 2013Analysis

Jamaica International Insurance exits rating environment

Following a rating downgrade from AM Best, Jamaica International Insurance has opted to no longer participate in the firm’s interactive rating process.

The management of Jamaica International Insurance asked AM best to withdraw its ratings, after its ratings were downgraded from B++ (Good) to B+ (Good). Its issuer credit rating was also downgraded.

AM Best indicated that the downgrades were linked to the “recently announced National Debt Exchange “NDX”, its effect on the Jamaican financial markets, JIIC and potentially, its parent company, GraceKennedy Limited”. The rating agency said that such developments would likely impact the captive’s investment income going forward.