British Caribbean Insurance Company (BCIC) has been assigned a financial strength rating by international credit rating agency AM Best.
The agency assigned BCIC a financial strength rating of B++ (Good) and a long-term issuer credit rating of "bbb" (Good). The outlook assigned to these Credit Ratings (ratings) is stable.
“The 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 (ERM),” the agency said.
BCIC grew its 2021 topline revenue by seven per cent over the prior year to over $13 billion and grew profit to $926 million, an impressive 86 per cent growth.
In a press release, the insurance provider touted the performance that it said firmly establishes it as the leading motor insured and most profitable general insurer in Jamaica.
AM Best said BCIC has a proven track record of solid underwriting and overall operating results.
“Overall earnings have been driven by favorable underwriting performance, as evidenced by the company’s combined ratios over the prior five- and 10-year periods, underpinned by a low expense ratio. Investment income has been a steady contributor to the company’s strong operating results,” AM Best said.
“Return metrics have been solid and ranks BCIC favorably in comparison with its Caribbean peers. The company’s operating performance has benefited from BCIC’s appropriate ERM framework, comprehensive reinsurance program and prudent underwriting guidelines,” it added.
A rating of B++ (Good) is assigned to insurance companies that have, in AM Best’s opinion, a good ability to meet their ongoing insurance obligations.
“AM Best’s assessment that BCIC's balance sheet is ‘very strong’ is an early birthday gift for BCIC as we turn 60 this October. This strength has allowed us to deliver on our promises to our customers after Hurricanes Gilbert in 1987 and Ivan in 2004 as well as many other losses throughout our 60 year history,” said Peter Levy, BCIC’s Managing Director.
BCIC has operations in Jamaica, Barbados and Turks & Caicos and underwrites the major lines of general insurance including property, motor, accident, liability, marine and financial guarantees.