OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Trinidad & Tobago Insurance Limited, in the country of Trinidad & Tobago. The outlook for each rating is stable.
The ratings reflect Trinidad & Tobago Insurance Limited’s history of profitable overall operating performance, solid risk-adjusted capitalization and the support it receives from its ultimate parent, ANSA McAL Limited. ANSA McAL Limited is one of the largest diversified companies in the Caribbean and is publicly traded on the Trinidad & Tobago Stock Exchange.
Trinidad & Tobago Insurance Limited has consistently produced favorable underwriting results, which have been complemented by a stable level of investment income. Profitable overall earnings and relatively modest dividend requirements have contributed to surplus growth and maintaining a strong level of risk-adjusted capitalization.
Partially offsetting these positive rating factors are the geographic concentration of Trinidad & Tobago Insurance Limited’s operations, its continuing challenge to maintain overall earnings and market share in extremely competitive markets and the inherent exposure to potential impact from exposure to catastrophic events.
While the outlook for each of Trinidad & Tobago Insurance Limited’s ratings is stable, positive rating actions could occur if the company outperforms its Caribbean peers, maintains strong risk-adjusted capitalization and underwriting or there is an improvement in the Trinidad & Tobago country risk tier. Negative rating actions could occur if there is a material decline in Trinidad & Tobago Insurance Limited’s risk-adjusted capitalization or operating performance, outsized catastrophic losses when compared with peers or a downgrade of the Trinidad & Tobago country risk tier.
Image courtesy of TATIL insurance, which lit their building in blue to raise autism awareness.