AM Best Withdraws Credit Ratings of Insurance Company London-Almaty JSC
The ratings reflect London-Almaty’s balance sheet strength, which AM Best categorises as strong, as well as its marginal operating performance, very limited business profile and weak enterprise risk management.
The positive outlooks reflect the trend of improving technical results over the past two years. AM Best believes that going forward, the sustainability of this trend will depend largely on London-Almaty’s ability to reduce its high acquisition costs.
The company’s balance sheet assessment is underpinned by its risk-adjusted capitalisation that is expected to remain at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), despite the company’s onerous dividend policy and planned portfolio expansion. The company maintains a conservative investment portfolio by asset type and reinsurance protection backed predominantly by companies with sound financial strength. Offsetting these positive factors is the company’s small capital base (equivalent to approximately
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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Source: AM Best
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