Expert RA Upgraded Prominstrakh Insurance Company Reliability Rating
OREANDA-NEWS. ‘Expert RA’ rating agency upgraded ‘Prominstrakh’ Insurance Company rating to A, which means high reliability; the rating outlook is stable, which means high probability of maintaining the rating in the mid-term. The Company used to have rating В++, which means acceptable reliability, with the positive outlook.
In 4Q2012, the following positive changes in the Company’s financial standing occurred: the share capital increase; the combined net loss ratio reduction.
At the same time, low reinsurance protection reliability, high operating costs (65.3% for 2012), low insurance portfolio stability and the narrow customer base have a negative impact on the Company rating.
Expert RA Rating Agency is the first independent rating agency in Russia founded in 1997 by Expert magazine. It is presently the largest Russian rating agency. The Agency strategic goal is to provide all-round information and analysis assistance to companies, operating on the Russian market. The Agency business is based on unique system of rating products. Expert RA family of ratings presents classic credit ratings of companies in all economic branches, regions and municipalities, as well as ratings related to different aspects of social responsibility of companies: corporate governance rating, companies' ecological liability rating. Currently Expert RA ratings have been assigned to over 350 companies (including companies from Eastern Europe, CIS and the Baltic countries) and regions (60 received the Agency credit rating).