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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 29, 2026 02:32 PM (EDT)
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 reflects the pending completion of the amalgamation of BCIC and JN General Insurance Company (JNGI) into one legal entity and the impact of Hurricane Melissa claims and reinsurance recoverables on BCIC’s balance sheet strength assessment on a stand-alone basis and the impact of JNGI’s risk-adjusted capital position on the organization. The two companies are currently operating independently with common ownership, pending the consolidation of the two into one legal entity. AM Best will continue to assess Hurricane Melissa claims resolution and reinsurance recoverables as well as risk-adjusted capitalization.
BCIC’s ratings were placed under review on Aug. 14, 2025 (see related press release), following the completion of the acquisition of JNGI by BCIC. The ratings for BCIC will remain under review with developing implications until the completion of the amalgamation, and financials for the combined organization can be assessed. The amalgamation, which is pending regulatory approval, is expected to be completed in late second-half 2026 into early 2027. In addition, there are ongoing discussions with management regarding the business strategy 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 (BCR), Best’s Performance Assessments (PA), Best’s Preliminary Credit Assessments (PCA) 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.