Bahrain-based reinsurer intends to bounce-back with strong focus on partnerships and claims management
Trust Re has reaffirmed its commitment to shareholders and clients, with a strong focus on claims management, shareholder and client partnerships.
This announcement follows a recent downgrade by A.M Best
The US-based rating agency downgraded Trust Re’s financial strength rating from A- to B++; and long-term issuer credit rating from a- to bbb+.
The downgrade follows a delay by Trust Re in releasing consolidated financial statements for the year ended 31 December 2017
In response, the Bahrain-based reinsurer announced a firm commitment to its stakeholders and clients.
It said: “The company continues to work with its stakeholders to address these matters and that it will announce any updates immediately, as the situation develops.”
It continued: “Trust Re reassured its commitment to meet its liabilities and to deliver reliable services with the same high standard to its respected clients and business partners.”
Furthermore, it has confirmed its commitment to timely claims payment asserting that claims in excess of US$ 300 million have been settled this year, of which over US$ 130 million were in large claims.
It said that it benefits from a strong and reliable retro program with its internationally ‘A’ rated partners and that its “operating performance is sound”.
It also said that its premium grew exceeding 13% during H1 2018 compared to the prior year period. Combined ratio for H1 2018 is 96.5% compared to 98.9% in 2017 (unaudited figures), consistent with its five years average performance combined ratio of 95.7%.