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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 07, 2021 02:56 PM (EDT)
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) 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 assesses 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). TATIL’s surplus growth and level of risk-adjusted capitalization continues to be enhanced by profitable overall earnings, favorable liquidity measures, steady operating cash flows, as well as an effective reinsurance program that mitigates catastrophic loss.
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 use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.