TOGETHER WE ACHIEVE SUCCESS! CariCRIS Rating
CariCRIS reaffirms COLFIRE “good creditworthiness” credit ratings to COLFIRE
COLFIRE HAS DONE IT AGAIN!
For the fifth (5th) consecutive year, CariCRIS has reaffirmed COLFIRE’s solid creditworthiness by once again awarding COLFIRE with both CariA and ttA ratings. The strong Corporate Credit Rating of CariA (Foreign and Local Currency Ratings) was on the regional scale; while the similarly very healthy ttA rating was awarded on the Trinidad and Tobago (T&T) national scale.
CariCRIS the Caribbean's leading credit rating agency, also assigned a Financial Strength rating of CariA, indicating that COLFIRE’s relative ability to meet all its ongoing insurance obligations is good. This is a feather in the cap for COLFIRE, which continues to build on its strengths despite the country’s challenging economic situation, with constrained access to foreign exchange. 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 capitalisation 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.
COLFIRE CariCRIS rating 2021 - Download
A LOOK AT OUR FINANCIALS
COLFIRE Financial Statements 2022 (Consolidated and Separate) Download
The accompanying report of EY is for the sole and exclusive use of the Company. Any redistribution made by the Company is to be 100% full, complete and unaltered in any way.
Further, as of the report date EY has not carried out any procedure, of any nature, subsequent to the date the report as presented by EY.