Daily Champion (Lagos)
2 November 2009
Custodian & Allied Insurance have been rated A+ by Global Credit Rating Company (GCR) South Africa.
This comes as a result of the Company (Custodian & Allied Insurance) commitment and consistency in sustaining its 'A' rating by GCR in the area of claims payments and high liquidity level in the last two years.
A wholly owned Nigerian Company quoted on the floor of the Nigerian Stock Exchange (NSE) and one of the foremost leading insurance companies in Nigeria, the A+ rating is an indication that Custodian is strategically poised to maintain the trend in the sector and be more internationally relevant.
The company solvency's has remained above 200% over the past three years increasing to 282% in 2008 financial year following a successful raising of additional capital of N4 Billion in March, 2008 the rating report noted.
Furthermore, Custodian is rated as meeting its obligations as when due because of its high solvency and has indeed had high claims cash coverage ratio of 108 months in the 2008 financial year.
Finally, the GCR rating noted that Custodian has a sizeable investment portfolio which ensures strong investment income for the insurer and which in 2008 financial year more than covered operating expenses.
GCR's rating approach employs analytical techniques that incorporate quantitative and qualitative factors. The rating reflects an evaluation of the company's current financial position as well as how the financial position may change in the future. GCR examines the ability of the insurer to meet its obligations under reasonable and stressful scenarios.
Custodian & Allied Insurance, having been encouraged by this A+ Rating Global Credit Rating Co. is now poised to do more by raising the standards even higher.
Custodian & Allied Insurance is a registered member of the Nigerian Insurers Association (NIA) and is approved by other regulatory bodies in Nigeria to offer Insurance Services.
Be the first to Write a Comment!
Copyright © 2009 Daily Champion. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com).
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
