AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of British Caribbean Insurance Company Limited

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has maintained the under review with developing implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of British Caribbean Insurance Company Limited (BCIC) (Jamaica).

The Credit Ratings (ratings) reflect BCIC’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

The under review with developing implications status is based on a degree of uncertainty regarding the ultimate financial impact from Hurricane Melissa on BCIC and JN General Insurance Company (JNGI), as well as BCIC’s acquisition of JNGI.

BCIC’s ratings were placed under review on Aug. 14, 2025, after the completion of the acquisition of JNGI by BCIC. The two organizations are currently operating independently, pending the amalgamation of the two into one legal entity. The amalgamation, which is pending regulatory approval, is expected to be completed in late second quarter of 2026.

The extension of the under review with developing implications status reflects the additional time needed for management to fully assess claims and damages from Hurricane Melissa with its various reinsurance partners. AM Best notes that the combination of quota share, reinsurance and excess of loss treaties maintained by BCIC and JNGI should minimize the financial impact of the storm. In addition, there are ongoing discussions with management on the pending completion of business strategy for the combined organization.

The ratings for BCIC will remain under review with developing implications until AM Best has received sufficient information to assess the financial implications of Hurricane Melissa on its credit rating fundamentals. Furthermore, AM Best will continue discussions with management until the completion of the amalgamation, as well as the strategic and financials for the combined organization.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.