JCR-VIS Credit Rating Co Ltd (JCR-VIS) has reaffirmed the insurer financial strength rating Adamjee Insurance Company Limited (AICL) at AA (Double A) with a 'stable' outlook, say a Press released issued here.
The rating reflects the strong franchise value and market presence of the company. JCR-VIS has also taken note of the measures being taken by the management to raise standards of corporate governance and restructure the company.
Over the years, AICL has built upon its investment portfolio, which has strengthened its reserves, thus increasing its loss absorption capacity. AICL also has a well reputed and sound quality reinsurers' panel, which adds to the company's strength. However, as the company increased its risk retention over the years, particularly in the fire segment, with a shift from surplus to excess of loss treaties, the underwriting performance has exhibited increased volatility.-PR
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