AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Trinidad & Tobago Insurance Limited (TATIL) (Trinidad and Tobago). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect TATIL’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).

TATIL maintains its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by favorable earnings that are accretive to capital, a conservative investment portfolio and a reinsurance structure that is designed to protect the company against material catastrophic events. This is partially offset by consistent dividend payments to its parent, ANSA Merchant Bank Limited. While TATIL’s reinsurance dependence is considered high, the program is with highly rated reinsurers and is designed to manage capital exposure to catastrophe events, which is typical of insurance companies operating in the Caribbean. TATIL’s investment portfolio is managed by its parent and primarily allocated to high credit quality fixed income securities, diversified funds and cash and short-term investments. However, TATIL has some exposure to higher-risk domestic investments such as equities and real estate.

TATIL’s operating performance is assessed as strong. The organization has shown improvement in earnings in 2024, a trend which has continued into 2025. These earnings have increased over the past few years due to initiatives taken to improve the profitability of the company’s health insurance business, pricing actions on its motor book and the integration of Colonial Fire and General Insurance Company Limited (COLFIRE) since its acquisition in 2023. Underwriting income has been aided by consistent investment income.

TATIL provides a diversified portfolio of products, including property, motor and accident and health, in Trinidad and Tobago and Barbados. The majority of TATIL’s business is written in Trinidad & Tobago and its property segment accounts for over half of the company’s gross written premiums. While the acquisition of COLFIRE added to the organization’s concentration in Trinidad & Tobago, it also strengthened the market position of the combined companies in both jurisdictions.

TATIL’s ERM program is well developed. The ERM program and framework are driven by the ultimate parent, ANSA McAL Limited, the parent of ANSA Merchant Bank Limited, with execution and oversight of the ERM program at the insurance operations.

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