Caribbean Information and Credit Rating Services Ltd (CariCRIS) has reaffirmed the assigned credit rating of CariA on its regional rating scale and ttA on its national scale to TRINRE Insurance Company Ltd and its subsidiary (TRINRE).
CariCRIS in a release said these ratings indicate TRINRE's ability to meet its ongoing insurance obligations.
It also maintained a stable outlook on the ratings.
"The stable outlook is based on our expectation that over the next 12 to 15 months, TRINRE will continue to be profitable while capitalisation and liquidity ratios remain strong. The ratings are supported by its healthy capitalisation (capital adequacy ratio of 252 per cent) and good liquidity, buttressed by a low-risk retention ratio with A+ rated reinsurers," it said.
CariCRIS added that TRINRE's continued profitability, notwithstanding a deterioration in the financial year 2023, also supports the ratings.
"The ratings reflect its moderately diverse investment portfolio with good asset quality."
TRINRE continues to upgrade its information systems as a proactive measure to improve operational efficiencies and overall service. It has maintained overall good operational efficiency, adequate risk management measures, and good corporate governance practices to support operations.
CariCRIS noted that these rating strengths are tempered by concentration risks associated with TRINRE’s exposure to the TT economy.
Factors that could, individually or collectively, lead to an improvement in the ratings and/or outlook include:
– An improvement in profit after tax of over ten per cent over the next three financial periods,
– Growth in tangible net worth by more than 17.5 per cent or more for three consecutive financial periods,
– Further diversification of business into other regional territories,
TRINRE offers a range of general insurance products and services that provide both individual and institutional coverage for motor, property, marine, public/product liability, engineering, energy, events, small and medium businesses and workmen’s compensation.
For the financial year 2023, TRINRE reported profit after tax of $11.4 million and held total assets of $310.2 million.
The post CariCRIS reaffirms ‘high creditworthiness’ for TRINRE appeared first on Trinidad and Tobago Newsday.
