PACRA Harmonizes IFS Rating of Atlas Insurance Limited

Insurer Financial Strength (IFS) rating is an independent opinion on the relative “capacity of an insurance company to meet policyholder and contract obligations”. To facilitate insurance companies and users of IFS ratings, PACRA has modified the IFS rating scale. The primary objective behind this modification was to: a) Create distinction in symbols and definitions of IFS Ratings and Credit Ratings; previously same symbols were being used for both type of ratings. Now IFS symbols are exclusive for IFS ratings b) Eliminate ambiguities in terms of “Rating Category” and “Notch”; this has now been achieved in the modified scale, which will be helpful in understanding the meaning and connotation of each rating category and notch, c) Update certain definitions for more clarity.
This is expected to eliminate any overlap or ambiguity regarding rating categories and notches; thus, facilitating all stakeholders. The modified scale is applicable for all outstanding IFS ratings including “Atlas Insurance Limited”.

About the Entity
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 26 branches across the country. Atlas Group - having 78% stake in AIL - is a leading conglomerate in 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.