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January 2, 2003
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Thursday
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Shawwal 28, 1423
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Rating upgraded
By Our Staff Reporter
KARACHI, Jan 1: JCR-VIS credit rating company has upgraded the Insurer financial strength rating of Adamjee Insurance Company Ltd from A plus to Double A minus.
The upgrade acknowledges the resilience demonstrated by the company as it was able to service an extraordinary claim loss occurring in fiscal year
02 from its internal resources and then regained its earlier years profitability to a large extent.
“The company has also enhanced control in its overseas operations. Administrative efficiency of the company is competitive and investment yield has remained strong,” says a press release. On the other hand the company’s claims ratio and insurance debts are relatively high.
However, “JCR-VIS is concerned about the conservative posture of international reinsurers towards Pakistan. During the past year, reinsurance terms have become more stringent and reinsurers continue to limit exposure on local insurance sector.”
The rating assigned to the company continues to be on a rating watch in view of the legal case pending with the supreme court against Muslim Commercial Bank and others.
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