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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 10, 2020 09:09 AM (EDT)
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Trinidad & Tobago Insurance Limited (TATIL) (Trinidad and Tobago). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect TATIL’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
TATIL’s balance sheet strength is supported by its risk-adjusted capitalization being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). A profitable overall earnings trend as well as an effective reinsurance program that mitigates catastrophic loss, have enhanced TATIL’s surplus growth and level of risk-adjusted capitalization.
TATIL has produced favorable underwriting results consistently and this has been augmented by a stable level of investment and rental income resulting in historically profitable overall operating performance. These factors are somewhat offset by the geographic concentration of TATIL’s operations, the continuing challenge to maintain earnings and market share in extremely competitive markets, as well as the inherent exposure to the potential impact from catastrophe events.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.