The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (08-February-2007)
    PACRA Maintains IFS Rating of
Atlas Insurance Limited (AIL)
 

 
Analyst
Sumaira Fazal
(+92-42-586 9504)
sumaira@pacra.com

 

 

 













 

 

 

 

Disclaimer
This press release is transmitted to you for this sole purpose of dissemination through your newspaper/magazine/agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to PACRA. However, PACRA has the sole right of distribution of its press releases for consideration or otherwise through any media.

  

The Pakistan Credit Rating Agency (PACRA) has maintained the Insurer Financial Strength (IFS) rating of Atlas Insurance Limited (AIL) at “A+” (single A plus). The rating denotes strong capacity to meet policyholder and contract obligations and risk factors are considered moderate.

The rating reflects AIL’s strong financial base, which adequately supports the company’s accelerated growth strategy. The rating also recognizes the company’s sound underwriting practices that have resulted in a stable – indeed growing – income from core insurance business. The company continues to benefit from the lower risk business from Atlas Group associated companies.

About the company: Atlas Insurance Limited, formerly Muslim Insurance Company Limited, is one of the oldest insurance companies operating since 1934. The company, listed on Karachi and Lahore Stock Exchanges, was acquired by Atlas group in 1980. However, the name is changed recently to further benefit from the group’s franchise value. Atlas Group is well diversified with interests in commercial banking, asset management and automobile sector.

With a nationwide network of 16 branches, AIL underwrites all types of general insurance business. Overall control of the company vests in the board of directors, with the group’s executive committee also providing strategic guidance. The current chief executive, holding this position since 2004, has extensive exposure to the insurance sector. AIL has been conferred with “KSE Top 25 Companies Award 2005”- the only insurance company selected to receive this award.
 
The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity.

PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings.

PACRA's opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.

 

    
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