KARACHI: JCR-VIS Credit Rating Company Limited has assigned initial Insurer Financial Strength rating of double A to Pakistan Reinsurance Company Limited.

The rating signifies very high capacity to meet policyholder and contract obligations. Risk is considered modest but may vary slightly over time due to business /economic conditions. The outlook on the rating is stable, said a press release on Monday.

The rating incorporates strong sponsorship with the sovereign holding 75% through direct and indirect investments. PRCL is the sole local re-insurer in the country enjoying a significant market share by virtue of having the first right of acceptance up to 35% of the treaty business.