A.M. Best Affirms Ratings of Trust International Insurance & Reinsurance Company B.S.C. (c) Trust Re.OLDWICK, N.J. -- A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the financial strength rating of A- (Excellent) and the issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a-" of Trust International Insurance & Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Company B.S.C. (c) Trust Re (Trust Re) (Bahrain). The outlook for both ratings is stable. The ratings reflect Trust Re's strong risk-adjusted capitalisation, excellent operating performance and continuously improving business profile. An offsetting factor is its low premium retention level. A.M. Best believes that Trust Re's prospective risk-adjusted capitalisation is strong and is expected to remain supportive of its organic growth of up to 10% per annum Per annum Yearly. and its targeted increase in retention level to 65% by year-end 2010. Additionally, Trust Re benefits from improved risk management and modeling capabilities, which is likely to provide prudent risk control measures to manage its increasing business profile. In A.M. Best's opinion, Trust Re's operating performance is likely to remain excellent with projected consolidated pre-tax profits between USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 25 - 30 million annually over the next two years. A.M. Best expects Trust Re's combined ratio to be healthy at around 85%, supported by strict underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. and controlled expense allocation below 25%. Investment returns remained healthy at approximately 4% in 2008, mainly resulting from Trust Re's strategic placements, predominantly in insurance companies, which have outperformed the market. A.M. Best believes that Trust Re's business profile is continuously improving and is likely to grow following its strategy of geographic expansion and further diversification by business lines. In A.M. Best's view, the conversion of the Labuan branch to an underwriting office is expected to continue to raise Trust Re's profile in the ASEAN ASEAN: see Association of Southeast Asian Nations. ASEAN in full Association of Southeast Asian Nations International organization established by the governments of Indonesia, Malaysia, the Philippines, Singapore, and Thailand in territories and is anticipated to further benefit Trust Re in expanding its business. For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
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