Pakistan Credit Rating Agency Limited places Insurer Financial Strength Rating of Silver Star Insurance Company Limited on Rating Watch
Lahore, April 07, 2015 (PPI-OT): The Pakistan Credit Rating Agency (PACRA) has placed the Insurer Financial Strength (IFS) rating of Silver Star Insurance Company Limited (SSIC) on Rating Watch – Developing Status. This is attributed to the recent investigative action taken against the company. PACRA would closely monitor these developments and update its opinion accordingly.
SSIC’s outstanding rating (‘A-‘; last updated in Dec’14) primarily captured the company’s strength emanating from sizeable liquid investments (Sept’14: PKR 497mln). This provided manifold coverage to SSIC’s outstanding claims liabilities. At the same time, the company had adequate underwriting performance history.
PACRA had highlighted the need for strengthening the governance framework, wherein sponsors were committed to improve. Herein, the comforting factor was the overall experience of the sponsoring family in the insurance industry. Ch. Muhammad Sadiq – the BoD Chairman and father of the CEO – had a pioneering role in the country’s insurance industry.
For more information, contact:
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Category: General Business News