The Pakistan Credit Rating Agency Limited
28-Mar-23
Analyst
Muhammad Noor Ul Haq
noorulhaq@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
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PACRA Withdraws IFS Rating of SPI Insurance Company Limited
| Rating Type | IFS | |
|
Current (28-Mar-23 ) |
Previous (19-Apr-22 ) |
|
| Action | Withdraw | Maintain |
| IFS Rating | - | A+ (ifs) |
| Outlook | Stable | |
| Rating Watch | - | Yes |
Subsequent to the merger of SPI Insurance Company Limited with and into the United Insurance Company Limited and as per the decision of the management to discontinue rating of SPI Insurance,
PACRA withdraws the rating of SPI Insurance.
About
the Entity
SPI Insurance Company Limited (SPI), an unquoted public limited Company, was established in 2005. The Company is majority-owned by UIG (70%), followed by Silkbank (23%) and Saudi Pak Leasing (7%). The overall control of the Company vests in a BoD comprising seven members; five members represent UIG, whereas two members represent Silkbank. UIG is a diversified group having interests in insurance, tracking business, IT, agriculture, insurance brokerage and microfinance banking.