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FOR IMMEDIATE RELEASE
LONDON - OCTOBER 15, 2018 12:12 PM (EDT)
A.M. Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating to “bbb+” from “a-” of Trust International Insurance & Reinsurance Company B.S.C. (c) Trust Re (Trust Re) (Bahrain). The Credit Ratings (ratings) remain under review with negative implications.
The ratings reflect Trust Re’s balance sheet strength, which A.M. Best categorises as very strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM).
The rating downgrades reflect A.M. Best’s revised assessment of Trust Re’s ERM and governance frameworks following extended delays in the release of its audited financial statements for the year-ended 31 December 2017. The under review with negative implications status reflects uncertainty regarding the financial position of Trust Re in light of the delayed publication of the company’s financial statements.
The ratings are expected to remain under review pending publication of Trust Re’s audited financial statements for year-end 2017 and A.M. Best’s subsequent assessment of the rating fundamentals of Trust Re.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry.