RATING ACTION:
On June 28, 2024, CariCRIS upgraded the Issuer/Corporate Credit ratings assigned to Premier Insurance Company Inc. (Premier or the Company) by 1 notch to gyA+ (Foreign Currency Rating) and gyAA- (Local Currency Rating) on the Guyana national scale, and CariA- (Local Currency Rating) on the regional scale. A stable outlook was assigned.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the ratings and/ or outlook include:
- Sustained growth in profit after tax (PAT) by >15% over the next 2 years without adversely impacting regulatory capital and asset quality
- An increase in the concentration of good quality, liquid fixed-income instruments leading to improved asset risk
- Sustained growth in tangible net worth (TNW) by >15% over the next year
- An improvement in the credit rating of TRINRE Insurance Company Limited (TRINRE or the Parent)
Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:
- A 2-notch deterioration of the credit rating of any of Premier’s reinsurers by A.M. Best, Fitch Rating or Standard and Poor’s Ratings Services
- Loss of relationship with any of the Company’s reinsurers without viable replacements
- A deterioration in the Company’s Minimum Capital and Solvency requirements below the quantities stipulated by the Bank of Guyana (BoG) sustained for more than 6 months
- A 10% fall in insurance revenue for 2 consecutive years
- A material deterioration in the Company’s investment asset quality sustained for a period of 6 months
- A lowering of the credit rating of TRINRE
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.