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AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of Trinidad & Tobago Insurance LimitedAM Best has maintained the under review with developing implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Trinidad & Tobago Insurance Limited (TATIL) (Trinidad and Tobago). TATIL's Credit Ratings (ratings) were placed under review with developing implications on Dec. 15, 2021. This rating action followed the announcement that TATIL had entered into a lock-up agreement with CL Financial Limited (in liquidation) to acquire its 94.24% ordinary share ownership in Colonial Fire & General Insurance Company (Colfire). Colfire is the third-largest property/casualty insurer in Trinidad and Tobago offering a range of general insurance products, including property, auto, liability and marine insurance. While TATIL received approval from The Central Bank of Trinidad & Tobago to proceed with the transaction on Oct. 31, 2022, the ratings will remain under review until the transaction is completed successfully, all remaining regulatory approvals are received and AM Best evaluates the benefits of the transaction, as well as the additional risk exposures from an operational perspective. AM Best will continue to monitor the course of this transaction and TATIL's rating fundamentals until the transaction closes and will provide updates if conditions warrant. This press release relates to Credit Ratings that have been published on AM Bes's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com. Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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