Pakistan Credit Rating Agency Limited Maintains Insurer financial strength Rating of Atlas Insurance Limited: Outlook Is Positive
Lahore: The Pakistan Credit Rating Agency (PACRA) has maintained the IFS rating of Atlas Insurance Limited (AIL) at “A+” (Single A plus) with positive outlook. The rating denotes strong capacity to meet policyholder and contract obligations. Risk factors are moderate, and the impact of any adverse business and economic factors is expected to be small.
The rating incorporates AIL’s sustained underwriting performance, augmented by its prudent underwriting practices, effective controls and continuously improving IT infrastructure. The rating takes into account the strong financial profile of the company emanating from robust liquidity and healthy solvency position.
AIL continues to have a sound panel of reinsurers with relatively high capacity and prudent risk retention policies. The company’s association with Atlas group providing synergic benefits in terms of sustained low-risk captive business, while practicing sound governance framework, is also a key consideration.
The rating carries positive outlook capturing improving trend in performance and financial strength parameters; sustainability of the same is important.
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