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CariCRIS reaffirms 'good creditworthiness' ratings of General Accident Insurance Company Jamaica Limited
Caribbean Information and Credit Rating Services Limited maintains stable outlook on ratings
Jamaica National Scale Foreign Currency
jmA-
Jamaica National Scale Local Currency
jmA
These ratings indicate that the level of creditworthiness of this obligor,
adjudged in relation to other obligors in Jamaica, is good.
Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed the Issuer/Corporate Credit Ratings assigned to General Accident Insurance Company Jamaica Limited (GENAC or the Company) at jmA- (Foreign Currency Rating) and jmA (Local Currency Rating) on the Jamaica national rating scale. These ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other obligors in Jamaica, is good.
CariCRIS has also maintained a stable outlook on the ratings. The stable outlook is based on the high likelihood that over the next 12 to 15 months, GENAC’s profitability would continue to grow, driven by higher other income in 2025 and higher insurance revenue in 2026. Moreover, the Company is expected to remain well-capitalized, with a good asset risk profile, and meet its obligations comfortably over the next 12 to 15 months. CariCRIS will continue to closely monitor the evolving impact of Hurricane Melissa on GENAC’s operations and credit profile over the coming months.
Rating Outlook
STABLE
Rating Strengths
The ratings of GENAC continue to reflect its good market position as a long-established player, with a good market share in the Jamaica general insurance industry. Additionally, the Company’s good capital adequacy, supported by low risk retention and a strong network of reinsurers, also supports the ratings. Further, GENAC continues to maintain a moderately diverse investment portfolio, with good returns and liquidity. Moreover, the Company’s continued profitability and strong Enterprise Risk Management (ERM) framework also support the ratings. These rating strengths are tempered by concentration risks associated with the Company’s exposure to Jamaica’s economy.
Rating Sensitivity Factors
Factors that could lead to an improvement in the Ratings and/or Outlook
- A reduction in the share of equity holdings to 25% or less of the investment portfolio sustained for 2 years
- Yield on invested assets ≥ 15% sustained for 2 years
- Return on Earning Assets (ROEA) ≥ 15% sustained for 2 years
- Return on Equity (ROE) ≥ 20% sustained for 2 years
- Minimum Capital Test (MCT) Ratio ≥ 200% sustained for 6 months
- Total Investment Assets/ Policy Liabilities > 1.2 times sustained for 2 financial periods
Factors that could lead to a lowering of the Ratings and/or Outlook
- An increase in the share of equity holdings to 50% or more of the investment portfolio sustained for 2 years
- Yield on invested assets ≤ 8% sustained for 2 years
- ROEA ≤ 3% sustained for 2 years
- ROE ≤ 5% sustained for 2 years
- A 2-notch deterioration of the credit rating of any of GENAC’s top 5 reinsurers by A.M. Best or S&P Global
- Loss of relationship with any of the Company’s major reinsurers and failure to provide viable replacements
- A deterioration of the Company’s MCT Ratio below regulatory minimum sustained for 6 months
- Total Investment Assets/ Policy Liabilities < 0.3 times sustained for 2 financial periods
About the Company
General Accident, located in Kingston, Jamaica, commenced operations in the 1920s as agents for global insurer, General Accident Fire and Life Assurance Corporation Limited (GAFLAC), headquartered in Perth, Scotland. In 1981, the majority shareholding1 of GAFLAC’s agency’s operations was acquired by Musson (Jamaica) Limited (the Musson Group)2, after which it was renamed and incorporated as General Accident Insurance Company Jamaica Limited (GENAC or the Company) and became a wholly owned subsidiary of the Musson Group. In 2011, 20% of GENAC’s shares were listed on the junior market of the Jamaica Stock Exchange (JSE). With the exception of the Musson Group, the 2 largest shareholders as at September 2025 were Mayberry Jamaican Equities Limited and Pan Jamaica Group (PAM) – Pooled Equity Fund, holding around 3.7% of the aggregate shareholdings of GENAC. In 2023, GENAC graduated to the main market of the JSE. GENAC offers a range of general insurance products including motor, property, travel, engineering, bonds, public liability and marine cargo.
September 2019
GENAC acquired 55% of the share capital of Motor One Insurance Company Limited in Trinidad and Tobago (T&T) (Motor One), subsequently raising its shareholding to 65% in June 2020 and further to 75% in December 2022.
October 2020
Motor One was formally renamed General Accident Insurance Company (Trinidad) Limited (GENACTT).
2019
The Company also incorporated General Accident Insurance Company (Barbados) Limited (GENACBB), a subsidiary of GENAC which commenced operations in May 2020.
Collectively, the GENAC Group (the Group) comprises GENAC (the Company), General Accident Insurance Company (Trinidad) Limited (GENACTT) and General Accident Insurance Company (Barbados) Limited (GENACBB). Each entity is led by its own Board of Directors. While no GENAC holding company currently exists, there is a Group Executive Management and Group Shared Services, which includes a business intelligence function. In line with regulatory requirements related to the twin peaks model of the Bank of Jamaica (BoJ) and the Jamaica Financial Services Commission (FSC), a financial holding company is expected to be formed in 2026.
Effective October 31, 2025, the Musson Group2 purchased 100% of Beacon Insurance Company Limited (Beacon)3. Beacon will become a subsidiary of the GENAC Group, subject to additional regulatory approvals. Beacon will continue to operate as an independent subsidiary of the GENAC Group and the combined company intends to maintain both the Beacon and GENAC brands in Trinidad and Barbados.
2 The Musson Group is a manufacturing and merchandising group incorporated and domiciled in Jamaica.
3 Beacon Insurance Company Limited (Beacon) is domiciled in Trinidad and Tobago (T&T) with a presence in other Caribbean territories including Barbados, Grenada, Saint Lucia and agency operations located in Dominica, Saint Kitts and Nevis, and Saint Vincent and the Grenadines. While Beacon specializes in general insurance, it also has a composite insurance license that has enabled its expansion into the life insurance industry.
For More Information
Please visit www.caricris.com or contact:
Dr. Kathryn Budhooram
Mr. Keith Hamlet
Note:
This rating release is transmitted to you for the sole purpose of dissemination through your agency/newspaper/magazine. You may use this rating release in full or in part without changing the meaning or context thereof, but with due credit to CariCRIS. CariCRIS has the sole right of distribution of its rating releases, for consideration or otherwise, through any media, including websites, portals, etc.
© 2026 General Accident Insurance Company Barbados Limited
