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Buruj Cooperative Insurance Company announces the assignment of a Baa2 insurance financial strength rating (IFSR) from Moody’s
04-Aug-2016
Buruj Cooperative Insurance Company announces the assignment of a Baa2 insurance financial strength rating (IFSR) from Moody’s according to their press release issued on 04/08/2016. Moody’s rating reflects the company’s mid-sized position in the domestic market which established a reputation for its good service. It also reflects the company’s relatively strong asset quality in addition to the improved recent profitability and capitalization post the increase in share capital by 92% via a rights issue in 2015.
The stable rating outlook reflects Moody’s expectation that Buruj Insurance will maintain its improved capitalization and profitably levels whilst also retaining market share.