Trust Re downgraded by AM Best
AM Best has downgraded Bahrain-based Trust International Insurance & Reinsurance Company (Trust Re) after extended delays in the release of its audited financial statements.
The rating agency downgraded Trust Re’s Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating to “bbb+” from “a-”.
The Credit Ratings (ratings) remain under review with negative implications.
AM Best categorises Trust Re’s balance sheet strength as very strong and pointed to the company’s adequate operating performance, neutral business profile and marginal enterprise risk management (ERM).
The rating downgrades reflect AM Best’s revised assessment of Trust Re’s ERM and governance frameworks following extended delays in the release of its audited financial statements for the year-ended Dec. 31, 2017, the agency noted. The under review with negative implications status reflects uncertainty regarding the financial position of Trust Re in light of the delayed publication of the company’s financial statements.
The ratings are expected to remain under review pending publication of Trust Re’s audited financial statements for year-end 2017 and AM Best’s subsequent assessment of the rating fundamentals of Trust Re.
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