{"id":2641,"date":"2022-07-26T18:41:07","date_gmt":"2022-07-26T22:41:07","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2641"},"modified":"2025-06-29T18:42:16","modified_gmt":"2025-06-29T22:42:16","slug":"the-beacon-insurance-limited","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/the-beacon-insurance-limited\/","title":{"rendered":"The Beacon Insurance Limited"},"content":{"rendered":"<p class=\"badge\">RATING ACTION:<\/p>\n<p><span style=\"font-size: 10pt;\">On June 15, 2022, CariCRIS reaffirmed the assigned ratings of <em>Cari<\/em><strong>A-<\/strong> (Foreign and Local Currency Ratings) on the regional rating scale, and <em>tt<\/em><strong>A-<\/strong> on the Trinidad and Tobago (T&amp;T) national scale for <strong>The Beacon Insurance Company Limited. <\/strong>A<strong> stable<\/strong> outlook was assigned.<\/span><\/p>\n<p class=\"badge\">\u00a0RATING SENSITIVITY FACTORS:<\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>\u00a0<\/strong><strong>Factors that could, individually or collectively, lead to an improvement in the ratings and \/or outlook include:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\">A<span style=\"font-family: 'book antiqua', palatino;\">n improvement in market share of general insurance products in its largest markets, T&amp;T to 10% or more.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">An improvement in the overall credit profile for Beacon\u2019s fixed income portfolio where more than 60% of the portfolio is rated investment grade on the S&amp;P rating scale.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Enhancement of Beacon\u2019s risk management through the complete rollout of an Enterprise Risk Management system.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Increased profitability leading to an improvement in ROA and ROE to above 2.5% and 10% respectively for the next financial year.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Factors that could, individually or collectively, lead to a lowering of the ratings\/or outlook include:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A 2-notch deterioration of the credit rating of Beacon\u2019s top reinsurer.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A deterioration of the company\u2019s capital adequacy ratio of 150% or lower on a sustained basis for at least 6 months.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>RATING RATIONALE<\/strong><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed the currently assigned Issuer\/Corporate Credit Ratings of\u00a0 <em>Cari<\/em><strong>A-<\/strong> (Foreign and Local Currency Ratings) on the regional rating scale and <em>tt<\/em><strong>A-<\/strong> on the Trinidad and Tobago (T&amp;T) national scale to The Beacon Insurance Company Limited (\u2018Beacon\u2019 or \u2018the Company\u2019). These ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other obligors in the Caribbean and within T&amp;T is <strong>good<\/strong>. CariCRIS also recommends the reaffirmation of the Company\u2019s financial strength rating of <em>Cari<\/em><strong>A-<\/strong> which indicates that the Company\u2019s relative ability to meet its ongoing insurance obligations is <strong>good<\/strong>.<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">CariCRIS further recommends the maintenance of a <strong>stable<\/strong> outlook on the ratings. The outlook is based on our expectation that Beacon will maintain good profitability over the next 12-15 months driven by continued good revenue performance. In FY2021, the Company\u2019s return on assets and return on equity improved slightly to 2.8% (2.7% previously) while return on equity decreased slightly to 10.8% (11.8% previously). Both ROA and ROE were above CariCRIS\u2019 expectations of 2.5% and 10% respectively. Should the Company\u2019s return metrics\u00a0 meet or surpass CariCRIS\u2019 expectations in the next financial year, we may increase the Company\u2019s earnings parameter. Additionally, Beacon is expected to place focus on the enhancement of its systems and procedures as the Company takes steps toward the improvement and implementation of a comprehensive Enterprise Risk Management (ERM) framework. Should this implementation be successful, the Company may experience an improvement in its systems and procedures risk rating paramet<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Analysts\u2019 Contact Info:<\/strong><\/span><\/p>\n<h5><span style=\"font-family: 'book antiqua', palatino;\">Keith Hamlet<\/span><\/h5>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Mobile : 1-868-487-4356<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a>\u00a0\u00a0\u00a0<\/span><\/p>\n<h5><span style=\"font-family: 'book antiqua', palatino;\">Sultan Mohammed<\/span><\/h5>\n<h5><span style=\"font-family: 'book antiqua', palatino;\">Mobile\u00a0: 1-1868-362-7304<\/span><\/h5>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><a href=\"mailto:smohammed@caricris.com\">smohammed@caricris.com<\/a>\u00a0<\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><strong>Disclaimer<\/strong><strong>:<\/strong> 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.\u00a0 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.\u00a0 No part of this report may be published \/ reproduced in any form without CariCRIS\u2019 prior written approval.\u00a0 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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING ACTION: On June 15, 2022, CariCRIS reaffirmed the assigned ratings of CariA- (Foreign and Local Currency Ratings) on the regional rating scale, and ttA- on the Trinidad and Tobago (T&amp;T) national scale for The Beacon Insurance Company Limited. A stable outlook was assigned. \u00a0RATING SENSITIVITY FACTORS: \u00a0Factors that could, individually or collectively, lead to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"table_tags":[],"class_list":["post-2641","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Beacon Insurance Limited - CariCRIS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/the-beacon-insurance-limited\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Beacon Insurance Limited - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: On June 15, 2022, CariCRIS reaffirmed the assigned ratings of CariA- (Foreign and Local Currency Ratings) on the regional rating scale, and ttA- on the Trinidad and Tobago (T&amp;T) national scale for The Beacon Insurance Company Limited. 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