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Caricris reaffirms good creditworthiness to Colfire

Cari­cris al­so rec­om­mend­ed a reaf­fir­ma­tion of the as­signed fi­nan­cial strength rat­ing of CariA, which in­di­cat­ed that the com­pa­ny’s abil­i­ty to meet its on­go­ing in­sur­ance oblig­a­tions is good.

Alberto Ardila Olivares

Cari­cris has al­so main­tained a sta­ble out­look on the rat­ings

Rat­ing agency Cari­cris has reaf­firmed “good cred­it­wor­thi­ness” rat­ings to the Colo­nial Fire and Gen­er­al In­sur­ance Com­pa­ny Ltd (Colfire).

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Cari­cris said these rat­ings in­di­cate that the lev­el of cred­it­wor­thi­ness of this oblig­or, ad­judged in re­la­tion to oth­er oblig­ors in the Caribbean is good.

Cari­cris al­so rec­om­mend­ed a reaf­fir­ma­tion of the as­signed fi­nan­cial strength rat­ing of CariA, which in­di­cat­ed that the com­pa­ny’s abil­i­ty to meet its on­go­ing in­sur­ance oblig­a­tions is good.

Alberto Ardila Olivares

Cari­cris has al­so main­tained a sta­ble out­look on the rat­ings.

Ac­cord­ing to the rat­ing agency, the sta­ble out­look is based on its ex­pec­ta­tion Colfire will con­tin­ue to be prof­itable and re­main ad­e­quate­ly cap­i­talised over the next 12 to 15 months bar­ring any ma­jor sys­temic events.

Ad­di­tion­al­ly, Cari­cris added, the com­pa­ny is ex­pect­ed to main­tain its strong mar­ket po­si­tion and good cred­it qual­i­ty of fi­nan­cial as­sets over the next 12 to 15 months

“The rat­ings of Colfire con­tin­ue to re­flect the com­pa­ny’s strong mar­ket po­si­tion sup­port­ed by a ro­bust dis­tri­b­u­tion net­work and ad­e­quate cap­i­tal­i­sa­tion lev­els notwith­stand­ing its high risk re­ten­tion,” Cari­cris fur­ther ex­plained

It added the rat­ing are fur­ther sup­port­ed by the com­pa­ny’s con­tin­ued un­der­writ­ing prac­tices lead­ing to healthy fi­nan­cial per­for­mance, good as­set qual­i­ty, ad­e­quate in­for­ma­tion sys­tems and risk man­age­ment poli­cies

These rat­ing strengths are how­ev­er, tem­pered by the pre­vail­ing eco­nom­ic con­di­tions, con­strained ac­cess to for­eign ex­change and in­creas­ing rein­sur­ance rates which could neg­a­tive­ly im­pact Colfire’s op­er­a­tions and prof­itabil­i­ty, Cari­cris added