{"id":2827,"date":"2021-10-14T20:23:13","date_gmt":"2021-10-15T00:23:13","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2827"},"modified":"2025-07-01T20:24:01","modified_gmt":"2025-07-02T00:24:01","slug":"trinre-insurance-company-limited-7","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/trinre-insurance-company-limited-7\/","title":{"rendered":"TRINRE Insurance Company Limited"},"content":{"rendered":"<h2><strong>RATING DRIVERS<\/strong><\/h2>\n<p class=\"badge\">Supporting Factors<\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">Healthy capitalization and good liquidity, supported by low risk retention<\/li>\n<li data-mce-word-list=\"1\">Continued profitable operations in FY2021<\/li>\n<li data-mce-word-list=\"1\">Moderately diverse investment portfolio with good asset quality<\/li>\n<li data-mce-word-list=\"1\">Good operational efficiency and adequate risk management measures support operations<\/li>\n<\/ul>\n<p class=\"badge\">Constraining Factors<\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">Performance of the Trinidad &amp; Tobago economy may impact TRINRE\u2019s profitability<\/li>\n<\/ul>\n<p class=\"badge\">Rating Sensitivity Factors<\/p>\n<p><strong>Factors that could, individually, or collectively lead to an improvement in the ratings and\/ or Outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">An improvement in financial performance over 10% in the next year<\/li>\n<li data-mce-word-list=\"1\">Further diversification of revenue sources contributing to additional income<\/li>\n<li data-mce-word-list=\"1\">An improvement in the ratings assigned to the T&amp;T sovereign<\/li>\n<\/ul>\n<p><strong>Factors that could, individually, or collectively lead to a lowering of the ratings and\/ or Outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">A deterioration of the Company\u2019s capital adequacy ratio to 150% or lower on a sustained basis for at least 6 months under normal conditions<\/li>\n<li data-mce-word-list=\"1\">A lowering of the ratings assigned to the T&amp;T sovereign<\/li>\n<li data-mce-word-list=\"1\">A lowering of the ratings of one of TRINRE\u2019s main reinsurers<\/li>\n<\/ul>\n<p><strong>COMPANY BACKGROUND<\/strong><\/p>\n<p>Reinsurance Company of Trinidad and Tobago Limited was incorporated on July 3, 1975 by the Government of the Republic of Trinidad and Tobago (GORTT) which owned 60% of the Company and the remaining 40% held by various local insurance companies.\u00a0 In 2001, Investment Managers Limited (IML), a private investment holding company, acquired the majority shareholding of Reinsurance Company of Trinidad and Tobago and in 2015, changed its name to TRINRE Insurance Company Limited (TRINRE or the Company).<\/p>\n<p>Currently, TRINRE offers a range of general insurance products and services that provide both individual and institutional coverage for: Motor, Property, Marine, Public\/Product Liability, Engineering, Energy, Events, SMB<a id=\"_ftnref1\" href=\"#_ftn1\"><sup>[1]<\/sup><\/a> and Workmen\u2019s Compensation. The Company also offers a range of Group Life insurance products for Employers and Lending Institutions. Additionally, the Company offers a range of Bonds to provide financial security for project contracts. These products and services are offered through its branch network of five outlets<a id=\"_ftnref2\" href=\"#_ftn2\"><sup>[2]<\/sup><\/a>, agencies and brokers.<\/p>\n<p>In February 2020, the Company obtained a license to operate an insurance company in Guyana, through its wholly owned subsidiary, Premier Insurance Company Limited (Premier). Premier commenced operations in January 2021 with a view to providing insurance and financial support to clients as Guyana continues to establish itself as an emerging global business destination.<\/p>\n<p><strong>\u00a0<\/strong><a id=\"_ftn1\" href=\"#_ftnref1\"><sup>[1]<\/sup><\/a> <em>Small and Medium Businesses: Retailers, Professional Offices, Trade &amp; Service Companies and Hospitality businesses<\/em><em>.<\/em><\/p>\n<p><a id=\"_ftn2\" href=\"#_ftnref2\"><sup>[2]<\/sup><\/a> <em>H<\/em><em>ead Office at Edward Street, Port of Spain, other outlets are located at: San Fernando, Arima, Chaguanas and Tobago.<\/em><\/p>\n<p><strong>\u00a0<em>Analytical Contacts:<\/em><\/strong><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong><span style=\"font-size: 8pt;\">\u00a0Keith Hamlet<\/span><\/strong><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>Tel: 1-868-627-8879 Ext. 229<\/em><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>E-mail: <a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a><\/em><\/span><\/p>\n<p><strong><span style=\"font-family: 'book antiqua', palatino;\"><span style=\"font-size: 8pt;\">Maxwell Gooding<\/span><\/span><\/strong><\/p>\n<p><span style=\"font-size: 8pt;\"><em>Tel: 1-868-627-8879 Ext. 229<\/em><\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><em>E-mail: <a href=\"mailto:mgooding@caricris.com\">mgooding@caricris.com<\/a><\/em><\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><span style=\"font-family: 'book antiqua', palatino;\">Website:<\/span> <a href=\"http:\/\/www.caricris.com\">www.caricris.com<\/a><\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><span style=\"font-family: 'book antiqua', palatino;\">E-mail:<\/span> <a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\">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.\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<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors Healthy capitalization and good liquidity, supported by low risk retention Continued profitable operations in FY2021 Moderately diverse investment portfolio with good asset quality Good operational efficiency and adequate risk management measures support operations Constraining Factors Performance of the Trinidad &amp; Tobago economy may impact TRINRE\u2019s profitability Rating Sensitivity Factors Factors that [&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-2827","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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