The Pakistan Credit Rating Agency Limited
24-Jan-25
Analyst
Faiqa Qamar
faiqa.qamar@pacra.com
+92-42-35869504
www.pacra.com
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PACRA Suspends IFS Rating of Crescent Star Insurance Limited
| Rating Type | IFS | |
|
Current (24-Jan-25 ) |
Previous (26-Jan-24 ) |
|
| Action | Suspended | Maintain |
| IFS Rating | - | A (ifs) |
| Outlook | Stable | |
| Rating Watch | - | Yes |
The IFS rating of Crescent Star Insurance Limited ('the Company') is due for an annual update, which owing to the pending resumption of Credit and Surety business, cannot be concluded. The Company is in the process of getting it restored after meeting regulatory compliances. The management is confident that they will be able to resume it and also pursue other strategic initiatives. Once these matters are addressed, PACRA will update the IFS rating after following the due process.
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About
the Entity
Crescent Star Insurance Limited ('the Company') has been listed on the Pakistan Stock Exchange since 1957. The Company is primarily involved in underwriting insurance policies in fire and marine, property, motor, and miscellaneous segments. The Company's majority (~87%) ownership is dispersed among a diverse group of individuals. Mr. Naim Anwar chairs the Board and heads the Company as the CEO.