RATING ACTION:
On September 14, 2023, CariCRIS reaffirmed the assigned Corporate Ratings of CariA (Foreign and Local Currency Ratings) on the regional scale and ttA on the Trinidad and Tobago national scale to TRINRE Insurance Company Limited (TRINRE or the Group). A stable outlook was maintained.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement of the ratings and/ or Outlook include:
- An improvement in profit after tax of over 10% over the next 3 financial periods
- Growth in 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 deterioration of the Company’s capital adequacy ratio to 150% or lower on a sustained basis for at least 6 months under normal conditions.
- A lowering of the ratings assigned to the T&T sovereign
- A lowering of the ratings of one of TRINRE’s main reinsurers
- Reduction in PAT by 10% or more for 1 consecutive financial period
- Reduction in TNW by 20% or more for 2 financial periods
Analysts’ Contact Info:
Keith Hamlet
Mobile : 1-868-487-8356
Maxwell Gooding