Press Release - APRIL 14, 2016
A.M. Best Affirms Ratings of Trinidad & Tobago Insurance Limited
FOR IMMEDIATE RELEASE
OLDWICK - APRIL 14, 2016
The ratings reflect TATIL’s history of profitable overall operating performance, solid risk-adjusted capitalization and the support it receives from its ultimate parent, ANSA McAL Limited (AMCL). AMCL is one of the largest diversified companies in the Caribbean and is publicly traded on the Trinidad & Tobago Stock Exchange.
TATIL has consistently produced favorable underwriting results, which have been complemented by a stable level of investment income. Profitable overall earnings and relatively modest dividend requirements have contributed to surplus growth and maintaining a strong level of risk-adjusted capitalization.
Partially offsetting these positive rating factors are the geographic concentration of TATIL’s operations, its continuing challenge to maintain overall earnings and market share in extremely competitive markets and the inherent exposure to potential impact from exposure to catastrophic events.
While the outlook for each of TATIL’s ratings is stable, positive rating actions could occur if the company outperforms its Caribbean peers, maintains strong risk-adjusted capitalization and underwriting or there is an improvement in the Trinidad & Tobago country risk tier. Negative rating actions could occur if there is a material decline in TATIL’s risk-adjusted capitalization or operating performance, outsized catastrophic losses when compared with peers or a downgrade of the Trinidad & Tobago country risk tier.
This press release relates to rating(s) 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.
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