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FOR IMMEDIATE RELEASE
OLDWICK - MAY 09, 2024 10:11 AM (EDT)
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Republic Insurance Company (Cayman) Limited (Republic Insurance) (Cayman Islands). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Republic Insurance’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. Republic Insurance’s ratings also reflect the company’s established niche in the reinsurance of credit insurance and the support of its parent, Republic Financial Holdings Limited.
Republic Insurance’s balance sheet is supported by ample liquidity and a large capitalization base. The investment portfolio is composed primarily of short-duration sovereign debt, quasi government securities and corporate bonds. Republic Insurance has produced positive operating earnings consistently, although it has had some fluctuation in net premiums earned over the past five years. Republic Insurance’s business profile is challenged by the economic environments of the countries that the company primarily operates in (Trinidad & Tobago, Barbados, Guyana, and Grenada). The company’s business is concentrated in Trinidad and Tobago, which is unlikely to change over the medium term, and increases the company’s potential exposure to heightened economic and political risks.
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 Performance Assessments, 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.