JCR-VIS Credit Rating Company Limited has assigned an Insurer Financial Strength rating of 'A' (Single A Minus) to UBL Insurers Limited (UIL). Outlook on the assigned rating is 'Stable'. The UIL has an experienced management team, which has held a lengthy association with the local insurance industry.
The company has also invested in a comprehensive management information system to support operations. Having been set up with a paid-up capital of Rs 300 million, the company has adequate room to build a sizeable insurance portfolio. The company's panel of re-insurers includes several reputable names.
The share capital of UIL has been contributed by United Bank Limited (UBL), in addition to which the major sponsors of UBL also hold a significant stake in the company. Ratings incorporate implied parent support, with UIL being well poised to capitalise on the UBL franchise. Business volumes are expected to grow at a healthy pace over the initial years of operations.-PR
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