Press Release
JCR-VIS assigns IFS rating of A- to UBL Insurers Limited
Karachi, September 20, 2007: 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’.
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 capitalize on the UBL franchise. Business volumes are expected to grow at a healthy pace over the initial years of operations.
For further information on this rating announcement, please contact the undersigned (Ext: 508) or Ms. Sabeen Saleem (Ext: 608) at 5311861-70 (10 lines) or fax to 5311872-3.
Mr. Ziauddin Ahmed
Advisor