Analyst
Faraan Taimoor
faraan.taimoor@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA Withdraws IFS Rating of Excel Insurance Company Limited
Rating Type | IFS | |
Current (03-Jul-20 ) |
Previous (28-Aug-19 ) |
|
Action | Withdraw | Maintain |
IFS Rating | - | A- |
Outlook | Developing | |
Rating Watch | - | Yes |
Subsequent to the management's decision to discontinue the ratings, PACRA withdraws the IFS Rating of Excel Insurance Company Limited with immediate effect.
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About
the Entity
Excel Insurance Company Limited (EICL) is a public limited company. It was incorporated in Pakistan as an unlisted Public Limited Company on 10 August 1991 under Companies Ordinance, 1984 with the objective to carry out General Insurance Business as specified under Insurance Ordinance 2000 and Insurance Rules 2002. EICL obtained business license on 06 October 1994. The company is registered at Karachi, owned by Mr. Ghulam & his family. Mr. Ghulam Muhammad is one of the founder member/sponsors of this company since inception.