British Caribbean Insurance Company (BCIC) is celebrating its recent good rating from the AM Best Company, fresh off a year of record-breaking financial results.  

“AM Best has assigned a financial strength rating of B++ (Good). The outlook assigned to this credit rating is stable. The rating reflects 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),” wrote the New Jersey-based insurance rating agency in its June 24 assessment.

BCIC grew its 2021 topline revenue by seven per cent over the prior year to over J$13 billion dollars and grew profit to $926 million, an impressive 86 per cent growth over the prior year.  This performance firmly establishes BCIC as not only the number one motor insurer but the most profitable general insurer in Jamaica.

“BCIC has a proven track record of solid underwriting and overall operating results. Overall earnings have been driven by favourable 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. Return metrics have been solid and ranks BCIC favourably 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,” AM Best continued.

AM Best is the world’s first and largest credit rating agency specialising in the insurance industry. They are internationally recognised and provide credit ratings in over 100 countries for 16,000 insurance companies.  Best independent credit ratings are comprehensive opinions rooted in research and industry best practices that determine a company’s ability to pay claims, debts and manage various other financial responsibilities with appropriate timeliness.  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.