Best’s News & Research Service - December 15, 2021 03:35 PM (EST)
AM Best Places Credit Ratings of Trinidad & Tobago Insurance Limited Under Review With Developing Implications
- December 15, 2021 03:35 PM (EST)
Oldwick //BestWire// - AM Best has placed under review with developing implications 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).
This Credit Rating (rating) action follows the announcement by TATIL that it has entered a lock-up agreement, dated Nov. 25, 2021, with CL Financial Limited (In Liquidation) to acquire its 94.24% ordinary share ownership in Colonial Fire & General Insurance Company (Colfire) for approximately TTD 300 million (USD 44.2 million). Colfire is the third-largest property/casualty insurer in Trinidad and Tobago offering a range of general insurance products, including property, auto, liability and marine insurance. The transaction is expected to be financed via internal cash resources and close by the third quarter of 2022. The ratings will remain under review until the transaction closes, all customary regulatory approvals are received and AM Best evaluates the benefits of the transaction, as well as the additional risk exposures from an operational perspective.
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.