Caribbean Information and Credit Rating Services Limited (CariCRIS) has upgraded by one notch the corporate credit ratings to CariA (Foreign and Local Currency Ratings) on the regional rating scale, and to ttA on the T&T national scale for TRINRE Insurance Company Limited.

These ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other obligors in the Caribbean is good.

CariCRIS also upgraded by one-notch the financial strength rating to CariA, which indicates that the company’s ability to meet its ongoing insurance obligations is good.

The one-notch uplift in TRINRE’s ratings is based on:

(i) Considerably improved capitalisation over the past year with an average growth rate of 16.4 per cent over the past three years.

(ii) Annual increases in profits over the past two years in excess of the 15 per cent specified as a Rating Sensitivity Factor (RSF) in our 2018 report when the ratings were first assigned.

(iii) Material reduction in the risk profile of its investment portfolio over the past three years.

(iv) Significant enhancements to its Enterprise Information Systems leading to greater synergies and business management capabilities, particularly over the past three years.

(v) Diversification of revenue stream over the past year from the successful establishment of operations in Guyana.

CariCRIS also recommends the assignment of a stable outlook on the ratings. The stable outlook is based on expectation that over the next 12–15 months, TRINRE will continue to maintain profitable operations, with the expectation that the company’s capitalisation and liquidity ratios will continue to remain strong.