(Trinidad Express) Beleaguered Port of Spain insurance giant CLICO has had its financial strength downgraded by a prominent United States ratings agency.
New Jersey-based AM Best downgraded CLICO to C (weak) from B (fair) in a rating action on Friday.
The ratings remain under review with “negative implications”, AM Best said in a statement from its US offices.
“These rating actions reflect the continuing uncertainty over the future of CLICO’s fundamental life insurance and annuity businesses, as well as its ability to publish its financial results since the actions taken by the Central Bank in January,” the agency said.
Audited financial statements have not been filed for 2008 for CLICO and its parent CL Financial, AM Best noted, adding that CLICO maintained a high concentration in related party assets, including large holdings in the banking, financial services, energy and manufacturing sectors.
