{"id":2882,"date":"2021-07-30T20:54:24","date_gmt":"2021-07-31T00:54:24","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2882"},"modified":"2025-07-01T20:55:45","modified_gmt":"2025-07-02T00:55:45","slug":"the-beacon-insurance-company-limited-5","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/the-beacon-insurance-company-limited-5\/","title":{"rendered":"The Beacon Insurance Company Limited"},"content":{"rendered":"<h2>RATING DRIVERS<\/h2>\n<p class=\"badge\">Supporting Factors<\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 10pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Continued stable financial performance<\/span><\/li>\n<li><span style=\"font-size: 10pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Healthy capitalization and strong reinsurance programme<\/span><\/li>\n<li><span style=\"font-size: 10pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Well diversified investment portfolio with satisfactory asset quality<\/span><\/li>\n<\/ul>\n<p class=\"badge\">Constraining Factors<\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 10pt; line-height: 120%; font-family: 'Book Antiqua', serif; color: black;\">High reliance on brokers poses a threat to earnings stability<\/span><\/li>\n<li><span style=\"font-size: 10pt; line-height: 120%; font-family: 'Book Antiqua', serif; color: black;\">Prevailing economic conditions constrain profitability and growth<\/span><\/li>\n<\/ul>\n<p class=\"badge\">Rating Sensitivity Factors<\/p>\n<p style=\"margin-bottom: 0cm; line-height: 120%;\"><b><span style=\"font-size: 10pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Factors that could, individually or collectively, lead to an improvement in the ratings and\/ or outlook include:<\/span><\/b><\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 10pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">An improvement in market share of general insurance products in its largest market, T&amp;T to 10% or more<\/span><\/li>\n<li><span style=\"font-size: 10pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">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><span style=\"font-size: 10pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Enhancement of Beacon\u2019s risk management through the complete rollout of an enterprise risk management system<\/span><\/li>\n<li><span style=\"font-size: 10pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Increased profitability leading to an improvement in ROA and ROE to above 2.5% and 10% respectively for 2 consecutive financial periods<\/span><\/li>\n<\/ul>\n<p style=\"margin-bottom: 0cm; line-height: 120%;\"><b><span style=\"font-size: 10pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Factors that could, individually or collectively, lead to a lowering of the ratings and\/ or outlook include:<\/span><\/b><\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 10pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">A 2-notch deterioration of the credit rating of Beacon\u2019s top reinsurer.<\/span><\/li>\n<li><span style=\"font-size: 10pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">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<\/span><\/li>\n<\/ul>\n<div style=\"border-color: currentcolor currentcolor windowtext; border-style: none none solid; border-width: medium medium 1pt; padding: 0cm 0cm 1pt;\">\n<p style=\"text-align: justify; line-height: 120%; padding: 0cm;\"><b><span style=\"font-family: 'Book Antiqua', serif;\">COMPANY BACKGROUND<\/span><\/b><\/p>\n<\/div>\n<p style=\"margin-bottom: 0cm; text-align: justify; line-height: 120%;\"><span style=\"font-family: 'Book Antiqua', serif;\">The Beacon Insurance Company Limited (\u2018Beacon\u2019 or \u2018the Company\u2019) was originally established in 1972 as the Caribbean Insurance Company Limited, before being rebranded in 1996. On May 7, 2018, Beacon agreed to the sale of 40% of its shareholding to Colonial Group International Limited (CGI) now known as Coralisle Group Limited, <\/span><span style=\"font-family: 'Book Antiqua', serif;\">a Bermuda-based insurance company with commercial operations in Bermuda, the Cayman Islands, The Bahamas, the British Virgin Islands, Turks &amp; Caicos Islands and Barbados<\/span><span style=\"font-family: 'Book Antiqua', serif;\">. The transaction was approved by the Central Bank of Trinidad and Tobago on May 3, 2019 and led to a capital injection from all shareholders totalling TT $26.3 million in July 2019.<\/span><\/p>\n<p style=\"margin-bottom: 0cm; text-align: justify; line-height: 120%;\"><span style=\"font-family: 'Book Antiqua', serif;\">Beacon is now owned by CGH Limited (46%), CGI (40%), and an individual shareholder (14%). The Company is domiciled in Trinidad and Tobago (T&amp;T) and has a regional presence through its Barbados, Grenada and Saint Lucia offices, and agency operations located in Dominica, Saint Kitts and Nevis, and Saint Vincent and the Grenadines. The Company specializes in general insurance, underwriting for both individual and institutional clients, and offers a broad product range comprised of Property, Motor, Accident and Casualty, Marine Cargo and Hull, Bonds, and Engineering insurance. <\/span><span style=\"font-family: 'Book Antiqua', serif;\">The Company also provides Group Health and Group Life insurance targeted to institutional clients. The offering of all these products is made possible by Beacon\u2019s composite insurance license which allows the Company to offer any type of insurance without obtaining additional licenses.<\/span><\/p>\n<p style=\"margin-bottom: 0cm; line-height: 150%;\"><i><span style=\"font-size: 10pt; line-height: 150%; font-family: 'Book Antiqua', serif;\">Analytical Contacts:<\/span><\/i><\/p>\n<p><span style=\"font-family: 'Book Antiqua', serif; color: black;\">Nikkel Collymore<\/span><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Tel: 1-868-627-8879 Ext. 240<\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">E-mail: <a href=\"mailto:ncollymore@caricris.com\">ncollymore@caricris.com<\/a><\/span><\/i><\/p>\n<p><span style=\"font-family: 'Book Antiqua', serif; color: black;\">Keith Hamlet<\/span><\/p>\n<p><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Tel: 1-868-627-8879 Ext. 229<\/span><\/i><\/p>\n<p><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">E-mail: <a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a><\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Website: <\/span><a href=\"http:\/\/www.caricris.com\"><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">www.caricris.com<\/span><\/a><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Email: <a>info@caricris.com<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><b><span style=\"font-size: 7.5pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Disclaimer<\/span><\/b><b><span style=\"font-size: 7.5pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">:<\/span><\/b><span style=\"font-size: 7.5pt; line-height: 115%; font-family: 'Book Antiqua', serif;\"> 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\u2019 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.<\/span><\/p>\n<p style=\"margin-bottom: 0cm; text-align: center; line-height: 150%;\">\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors Continued stable financial performance Healthy capitalization and strong reinsurance programme Well diversified investment portfolio with satisfactory asset quality Constraining Factors High reliance on brokers poses a threat to earnings stability Prevailing economic conditions constrain profitability and growth Rating Sensitivity Factors Factors that could, individually or collectively, lead to an improvement in [&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-2882","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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