PACRA Maintains IFS Rating of Atlas Insurance Limited
Atlas Insurance is a mid-sized insurance company with a constantly growing underwriting performance as a result of quality insurance business and a stable business mix. The rating reflects financial soundness of the company alongside providing benefits in terms of sustained low-risk captive business, while ensuring sound governance framework. The rating takes into account robust liquidity profile, providing strong coverage to the company's obligations. The company has a strong panel of re insurers with favourable treaty terms and prudent risk retention policies. The company's association with Atlas group providing benefits in terms of sustained low-risk captive business, while ensuring sound governance framework, remains a key rating factor.
The rating is dependent on sustained improvement in business and financial metrics of the company in line with its relative positioning with in the industry. At the same time, liquidity profile should continue to cushion the liabilities. Improvement in claims management system should translate into reduced claims turnaround time
Atlas Insurance Limited - listed on Pakistan Stock Exchange - started operations in 1935. The company provides all major types of conventional and non-conventional general insurance services and has a network of 21 branches across the country. Atlas Group - having 78% stake in AIL - is a leading conglomerate of the country with interests in Auto, Engineering, Power, Financial sectors and Trading.
The board includes two independent members and one executive director - CEO. The rest are non-executive directors from various group affiliates. Mr. Babar Mehmood Mirza has been appointed the CEO of the company w.e.f. April, 2018. He is an experienced Insurance Professional and has two decades of work experience in Insurance Industry.