PACRA places Crescent Star Insurance Ltd's IFS rating on rating watch

MG News | January 22, 2019 at 03:30 PM GMT+05:00

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January 22, 2019 (MLN): Pakistan Credit Rating Agency (PACRA) has maintained the Insurer Financial Strength (IFS) rating of Crescent Star Insurance Limited (CSIL) at ‘A-‘ with a ‘stable’ outlook forecast. Moreover, this rating has been place in rating watch.

According to PACRA, the rating reflects CSIL’s strategy to focus on direct line personal insurance in motor and health segments, targeting small ticket clients.

The rating watch captures the company's consolidation process in DSL and backward merger of CS Foods into PICIC Insurance, while fulfilling regulatory and legal requirements.

Profitability and curtailed expansion in insurance business along with unfilled casual vacancies on Board is also a consideration.

CSIL holds major stake in DSL, herein, smooth running of operations and consequent turnover build-up is critical. Generation of cash return from subsidiaries is important. Meanwhile, risk absorption capacity needs to be kept intact.

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