Trinidad and Tobago News

Cat Facility CCRIF to Pay Trinidad & Tobago $7M for Severe October Rains

Cayman Islands-based CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced that Trinidad & Tobago will receive a payout of US$7,007,886 (approximately TT$47.4 million) on an excess rainfall policy following a period of heavy rainfall between Oct. 18 and …

Ratings Recap: Guardian, Central Re

A.M. Best has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit ratings (ICR) of “a-” of Guardian Life of the Caribbean Limited (GLOC) and Guardian General Insurance Limited (GGIL). Best also affirmed the ICR of “bbb-” …

Ratings Recap: Trinidad & Tobago, Newport Bonding, Petrovietnam

A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of Trinidad & Tobago Insurance Limited (TATIL), both with stable outlooks. The ratings reflect TATIL’s “historically profitable operating performance, solid capitalization and …

Aon Benfield Cat Report for November Highlights Cold and Floods

In its latest monthly assessment of the world’s catastrophes for November Aon Benfield highlights the first winter weather event of the season across Europe with “notable affects.” the report, published by the company’s Impact Forecasting team, who evaluate global natural …

Ratings Recap: Alterra (notes), Gulf Ltd., Barents Re, Middle East Insurance

A.M. Best Co. has assigned a debt rating of “bbb” to the recently issued $350 million 6.25 percent senior unsecured notes due 2020 of Delaware-based Alterra Finance LLC. The senior notes are fully and unconditionally guaranteed by Alterra Capital Holdings …

Ratings Roundup: Argo Re, Delvag, Guardian Life/General

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Bermuda-based Argo Re Ltd. and its subsidiaries. Best also affirmed the ICR of “bbb” and debt ratings of the …

Ratings Roundup: Amlin, United Barbados

A.M. Best Co. has commented that the ratings of the UK’s Amlin plc and its operating subsidiaries are unchanged. This follows Amlin’s announcement that it plans to establish a reinsurance platform in Zurich, Switzerland, to underwrite reinsurance business from European …

CGM Gallagher Appoints Tomlin and Rocheford to Sr. Management Positions

The CGM Gallagher Group, one of the largest and oldest insurance brokers in the English-speaking Caribbean, announced that it has appointed William Tomlin as President following Thursday’s meeting of the Group’s board. Tomlin will also act as “senior advisor on …

Ratings Recap: Wing Lung, Sagicor, Empyrean Re, ARIG/Takaful, Exchange

A.M. Best Co. has downgraded the financial strength rating to ‘B++’ (Good) from ‘A-‘ (Excellent) and the issuer credit rating to “bbb+” from “a-” of Hong Kong’s Wing Lung Insurance Company Limited (WLI). The outlook for both ratings is stable. …

Caribbean Insurance Company Clico Faces Liquidation

A bailout of troubled CL Financial Ltd. by Trinidad and Tobago’s central bank has been having ripple effects across the Caribbean, where regulators are liquidating the sprawling firm’s insurance subsidiaries to protect depositors. The Trinidad-based conglomerate, weakened by bad real …