AM Best Affirms Credit Ratings of Republic Insurance Company (Cayman) Limited
09 Mayo 2024 - 9:51AM
Business Wire
AM Best has affirmed the Financial Strength Rating of B++
(Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of
Republic Insurance Company (Cayman) Limited (Republic Insurance)
(Cayman Islands). The outlook of these Credit Ratings (ratings) is
stable.
The ratings reflect Republic Insurance’s balance sheet strength,
which AM Best assesses as very strong, as well as its adequate
operating performance, neutral business profile and appropriate
enterprise risk management. Republic Insurance’s ratings also
reflect the company’s established niche in the reinsurance of
credit insurance and the support of its parent, Republic Financial
Holdings Limited.
Republic Insurance’s balance sheet is supported by ample
liquidity and a large capitalization base. The investment portfolio
is composed primarily of short-duration sovereign debt, quasi
government securities and corporate bonds. Republic Insurance has
produced positive operating earnings consistently, although it has
had some fluctuation in net premiums earned over the past five
years. Republic Insurance’s business profile is challenged by the
economic environments of the countries that the company primarily
operates in (Trinidad & Tobago, Barbados, Guyana, and Grenada).
The company’s business is concentrated in Trinidad and Tobago,
which is unlikely to change over the medium term, and increases the
company’s potential exposure to heightened economic and political
risks.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see AM
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Guide to Best's Credit
Ratings. For information on the proper use of Best’s Credit
Ratings, Best’s Performance Assessments, Best’s Preliminary Credit
Assessments and AM Best press releases, please view Guide to
Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
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Michael Lynch Financial Analyst +1 908 882
2077 michael.lynch@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Edward Kohlberg Director +1 908 882 1979
edward.kohlberg@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com