Trust Re ratings withdrawn due to financial statement delays

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AM Best and S&P have withdrawn their financial strength ratings for Bahrain-based Trust Re, due to delays in the reinsurer publishing its financial statements for 2017.

Trust Re said that additional regulatory audit requirements as well as valuation of the company’s assets has delayed the release of the financial statements.

S&P said the withdrawal was due to “the lack of available audited year-end 2017 financial statements”.

It added: “We understand they are still in the process of being audited, due to additional regulatory requirements. Without the audited 2017 financials, we do not have information that meets our information sufficiency and reliability standards to maintain the ratings.”

AM Best said: “The withdrawal of the ratings reflects the fact that Trust Re has not provided the necessary financial information required by AM Best to support an ongoing credit opinion of the company, consistent with AM Best’s rating criteria.”

The company initially announced that it had been placed under review by AM Best and suspended by S&P in August. In October, AM Best downgraded Trust Re’s financial strength and long-term issuer credit ratings from A- to B++.

In a statement on its website, Trust Re said: “Our historic commitment to claims payment is witnessed by our settlements this year which we continue to do. In addition, we benefit from a strong and reliable retro program with our internationally ‘A’ rated partners.

“Our operating performance is sound, and our premium reached USD 434,454 million during Q3 2018 with a combined ratio of 98.42% (unaudited figures). We are committed to meet our liabilities and deliver reliable services with the same high standard to our respected clients and business partners.

“We are working closely with our stakeholders to address these matters. Further announcements will follow as we draw near completion of our audits.”

Trust Re owns Lloyd’s managing general agent Trust Insurance Management.

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