The Caribbean Information and Credit Rating Services Ltd (Caricris) has reaffirmed an overall ‘good creditworthiness’ rating for Trinre Insurance Company Ltd.
These ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other obligors in the Caribbean is good.
Caricris has also reaffirmed the financial strength rating of CariA, which indicates that the group’s ability to meet its ongoing insurance obligations is good.
Caricris has also maintained a stable outlook on the ratings.
The stable outlook is based on its expectation that over the next 12 to 15 months, Trinre will continue to be profitable and that capitalisation, as well as liquidity ratios, will remain strong, the rating agency explained. It added the ratings of Trinre are supported by its healthy capitalisation and good liquidity, buttressed by its low-risk retention.
Additionally, Caricris said the group continues to operate profitably, with profit after tax improving by 12.4 per cent for the financial year ended March 2022.
Trinre has also maintained a moderately diverse investment portfolio with good asset quality.
“Furthermore, the group continues to upgrade its information systems as a proactive measure to improve operational efficiencies and overall service,” Caricris said.
It added Trinre has maintained overall good operational efficiency, adequate risk management measures and strong corporate governance practices to support operations.
“These rating strengths are however tempered by concentration risks associated with the group’s exposure to the T&T economy, which may impact its profitability and growth,” the rating agency also noted.