Best’s News & Research Service - October 13, 2022 03:24 PM (EDT)
AM Best Places Credit Ratings of Kommesk-Omir Insurance Company JSC Under Review With Developing Implications
- October 13, 2022 03:24 PM (EDT)
London //BestWire// - AM Best has placed under review with developing implications the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of “bb-” (Fair) of Kommesk-Omir Insurance Company JSC (Kommesk) (Kazakhstan).
The Credit Rating (rating) actions follow the announcement on 3 October 2022, that the shareholders and board of directors of Kommesk have decided to transfer out the company’s non-life insurance portfolio. Going forward, Kommesk will focus on developing life insurance products on the basis of the existing portfolio currently written by its life insurance subsidiary, Centras Kommesk Life JSC (Kommesk Life). Kommesk plans to apply for a life insurance licence and assume the business of Kommesk Life.
The under review with developing implications status reflects uncertainty regarding the impact of these changes on Kommesk’s rating fundamentals, including its future balance sheet strength and operating performance assessments.
AM Best will conduct discussions with the company’s management team regarding its strategy and business plans. The ratings are expected to be removed from under review upon the close of the transactions and the completion of AM Best analysis.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.