A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of Trust’s International Insurance & Reinsurance Company, Trust Re.
The ratings reflect Trust Re's good risk-adjusted capitalisation, track record of strong operating performance and developing business profile.
Trust Re's risk-adjusted capitalisation strengthened during 2013, remaining at a good level.
The improvement reflects a capital injection of $40 million and full earnings retention, increasing shareholders' equity to $298 million in 2013.
Additionally, the company's continued drive to de-risk its investment portfolio has reduced capital requirements.
Prospective risk-adjusted capitalisation is expected to remain equal with the current ratings as further de-risking of the investment portfolio and high earnings retention supports underwriting growth.
