October 10, 2018

TRINRE gets a good credit rating

TRINRE Insurance Company Ltd (TRINRE) has been given a vote of confidence in its credit worthiness by confidence in its creditworthiness by Caribbean Information and Credit Rating Services Ltd (CariCRIS).

Caribbean Information and Credit Rating Services Limited (CariCRIS) has assigned the initial corporate credit ratings of CariA- (Foreign and Local Currency Ratings) on the regional rating scale, and ttA- on the Trinidad and Tobago (T&T) national scale to TRINRE Insurance Company Limited (TRINRE).

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 assigned a financial strength rating of CariA-, which indicates that the Company’s ability to meet its ongoing insurance obligations is good.

CariCRIS has further assigned a stable outlook on the ratings. The stable outlook is based on our expectation that over the next 12 – 15 months TRINRE will continue to be profitable and display healthy capitalization, notwithstanding the prevailing economic challenges in T&T.

ABOUT THE COMPANY

TRINRE Insurance Company Limited (TRINRE) was incorporated in 1975 by the Government of the Republic of Trinidad and Tobago (GORTT) as Reinsurance Company of Trinidad and Tobago Limited, with GORTT owning 60% of the Company and the remaining 40% held by various local insurance companies. 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.  Currently, TRINRE offers a range of general insurance products and services that provide both individual and institutional coverage for: Motor, Property, Marine, Bonds, Liability, Engineering and Workmen’s Compensation. The Company also offers a range of life insurance products that includes: A closed block of Accidental Death and Dismemberment policies that was offered to unit holders of the Trinidad and Tobago Unit Trust Corporation (UTC) in 1997 as part of the UTC’s 15th Anniversary promotion, Accidental Death and Dismemberment, Creditor

Life, Group Life and Critical Illness coverage. The Company derives 100% of its premium income from the Trinidad and Tobago (T&T) market.  In 2017, TRINRE derived 82.3% of its gross premium income from the non-life segment with motor insurance, the largest component, contributing 24.1% of gross premium.

Source: Caribbean Information and Credit Rating Services Limited, TRINRE Gets Good Credit Ratings, Daily Express, Business Extra, Pg.11. 10 October, 2018. Print