2013-08-22 16:47:01 -
A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Trust International Insurance & Reinsurance Company B.S.C.
(c) Trust Re (Trust Re) (Bahrain). The outlook for both ratings remains stable.
The ratings reflect Trust Re’s good risk-adjusted capitalisation, resilient operating performance and developing business profile.
Trust Re's risk-adjusted capitalisation strengthened in 2012, benefitting from good operating results and full earnings retention.
Trust Re actively manages its capital position and has taken actions in 2012 and 2013 to restore its risk-adjusted capitalisation to a comfortable level whilst ensuring a more efficient utilisation of capital to support its growing profile. Earlier this year, the company increased its paid-up capital from
USD 100 million to USD 140 million through a capital injection from its parent.
Trust Re has a developing business profile as a specialist underwriter of energy and property reinsurance in the Arab, Afro-Asian and Eastern European markets. The company produced strong consolidated technical results of USD 8.4 million in 2012, up from USD 4.0 million in 2011, which translated into a combined ratio of 96%. Trust Re’s underwriting results are underpinned by a solid loss ratio, with a five-year average below 64%. The company reported a strong performance on its core facultative book, mainly consisting of energy and property risks. Trust Re’s underwriting performance is supported by a sound reserving policy and disciplined risk selection process, which has led to low volatility of earnings.
Upward rating movement is unlikely in the near term.
Downward rating pressure could occur if Trust Re’s risk-adjusted capitalisation were to decrease to a level not supportive of the current ratings.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M.
Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M.
Best Europe - Rating Services Limited Supplementary Disclosure : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
A.M. Best Europe – Rating Services Limited is a subsidiary of A.M.
Best Company. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
" title="http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130822005775r1&sid=16929&distro=ftp\"/>" target="_blank" rel="nofollow">cts.businesswire.com/ct/CT?id=bwnews&sty=20130822005775r1&am ..
A.M. Best Company, Inc.Ghislain Le Cam, CFA, +(44) 20
7397 0268Senior Financial Analyst email@example.com
: mailto:firstname.lastname@example.org orMahesh
Mistry, +(44) 20 7397 0325Director email@example.com
: mailto:firstname.lastname@example.org orRachelle
Morrow, +(1) 908-439-2200, ext. 5378Senior Manager, Public
: mailto:email@example.com orJim
Peavy, +(1) 908-439-2200, ext. 5644Assistant Vice
President, Public Relations firstname.lastname@example.org