PACRA Maintains IFS Rating of The Universal Insurance Company Limited - Press Release issued by The Pakistan Credit Rating Agency Limited.

Lahore -- August 27, 2019 (PPI-OT)

Following is the text of press release issued by The Pakistan Credit Rating Agency Limited (PACRA)

Quote

The rating of Universal reflects strong parentage of the company - Bibojee group. The parentage has provided multi-faceted support to the company: a) injection of capital from different times of the crisis, b) sustenance in the cleansing period spanning over a couple of years, c) captive business.

Underwriting resulted in loss while the bottom-line was cushioned from profits of associates. This is also supporting the liquidity of the company. The business strategy envisages tapping captive business through co-insurance with an established group, with gradual entry into the market business in the pipeline. Enlistments with some of the leading banks have been completed.

The...