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Beacon retains its good ratings
Caribbean Information & Credit Rating Services Ltd (CariCRIS) has reaffirmed its issuer ratings of CariA- on the regional rating scale, and ttA- on national scale of The Beacon Insurance Company Limited (Beacon).
These ratings indicate that the company’s level of creditworthiness is good. CariCRIS has also reaffirmed the company’s financial strength rating of CariA-, which indicates that its relative ability to meet its ongoing insurance obligations is good.
However, the agency maintained a negative outlook on the Beacon ratings due to the prevailing economic challenges in its main market, T&T, and to some extent Barbados, which could negatively impact profitability over the next 12-15 months.
CariCRIS said in a media release: “Beacon’s ratings reflect its good asset quality and well-diversified investment portfolio, as well as its prudent risk management practices evidenced by healthy capitalization and solvency ratios.
“The ratings are further supported by the company’s good financial performance, notwithstanding reduced profitability levels. These rating strengths are tempered by the company’s high product and client concentration risks.
“Additionally, prevailing economic and foreign exchange challenges in T&T and weak economic conditions in Barbados could constrain the company’s profitability within the next 12 months.”
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