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COLFIRE Assigned “Cari A” Credit Rating From CariCRIS
CariCRIS Team (l-r): 1. Kathryn Budhooram, Manager, Ratings; Andre Joseph, Senior Manager, Ratings; and Wayne Dass, CEO.
With COLFIRE’s Sean Jack, CEO/Director; Ashraff Ali, Director; and Sean Ayoung, Manager Finance.
The Caribbean's leading credit rating agency, CariCRIS, has given Colonial Fire & General Insurance Limited (COLFIRE) a robust Corporate Credit Rating of CariA (Foreign and Local Currency Ratings) on the regional rating scale, and ttA on the Trinidad and Tobago (T&T) national scale. CariCRIS also assigned a Financial Strength rating of Cari A, indicating that COLFIRE’s relative ability to meet all its ongoing insurance obligations is good.
As it enters its 60th year of operations, this is a feather in the cap for COLFIRE, which continues to build on its strengths despite the country’s challenging economic situation. This rating also puts it ahead of some of its major local competitors.
In awarding the rating, CariCRIS pointed to COLFIRE’s history of solid financial performance and profitable underwriting operations. The outlook for the company is stable, attributed in part to its healthy liquidity position underpinned by the good credit quality of its financial assets. COLFIRE’s comfortable capitalization is reflected in its satisfactory coverage of total assets as well as a healthy capital adequacy ratio, despite a high risk retention ratio. This latter facet is an industry norm.
CariCRIS noted that COLFIRE has a wide distribution network. Headquartered in Port of Spain, the company’s branches serve the major hubs of San Fernando, Chaguanas, Piarco, and Tobago. Additionally, the firm’s strong governance and stable leadership, as well as its investment in information systems and risk management policies, have contributed positively to this A rating.
Commenting on the first-rate grade, Director/CEO Sean Jack, who has been at the helm of the company for a year, said: “COLFIRE’s years of experience speak to the Company’s operational efficiency and ensures future operating excellence. Our prudent and conservative underwriting practices have increasingly focused on our serviceability. This benefits our shareholders, but more importantly, safeguards our valued policyholders.”
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