RATING ACTION:
On December 5, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to TRINRE Insurance Company Limited and its subsidiary (TRINRE or the Group) at CariA (Foreign and Local Currency Ratings) on the regional rating scale and ttA (Local Currency Rating) on the Trinidad and Tobago (T&T) national scale. A stable outlook was maintained.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the ratings and/or outlook include:
- An improvement in Profit After Tax (PAT) of over 10% for 2 consecutive financial periods
- Growth in Tangible Net Worth (TNW) by more than 17.5% or more for 3 consecutive financial periods
- Further diversification of business into other regional territories
- An improvement in the ratings assigned to the T&T sovereign
Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
- A lowering of the ratings assigned to the T&T sovereign
- A lowering of the ratings of one of TRINRE’s main reinsurers
- Loss of relationship with any of the Group’s reinsurers without viable replacements
- A deterioration of the Company’s regulatory capital ratio to 150% or lower on a sustained basis for at least 6 months under normal conditions
- Reduction in insurance revenue by 10% or more for 2 consecutive financial periods
- A material deterioration in the Group’s investment asset quality sustained for a period of 6 months
Analysts’ Contact Info:
Keith Hamlet
Mobile : 1-868-487-8356
[email protected]
Maxwell Gooding
[email protected]
www.caricris.com
[email protected]
Disclaimer: CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable. However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. No part of this report may be published/ reproduced in any form without CariCRIS’ prior written approval. CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this product.