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Logo of Buruj Insurance
Moody’s Investors Service confirmed Buruj Cooperative Insurance Co.’s “Baa2” insurance financial strength rating (IFSR) and changed the outlook back to ‘Stable’ from ‘Rating under Review’.
The rating action concludes the review for downgrade initiated on Nov. 17, 2020, and reflects the actions taken by the company to improve its governance and address the issues previously raised by the regulator, including the appointment of a new general manager in February 2021.
The confirmation of the “Baa2” rating with a ‘Stable’ outlook also reflects Moody’s expectation that the management will halt the decline in Buruj’s market share and profits.
The outlook reflects that Buruj maintained strong level of capital and liquidity buffers, in addition to its expectation that the company will regain market share while maintaining strong capital adequacy levels.
According to Moody’s, the rating could be upgraded if:
- Buruj's market share increases or is maintained over 1% while regaining the top 20 market position,
- Improves profitability with return on capital (ROC) levels consistently over 12% and combined ratio (COR) below 90%, while maintaining its capitalization levels with gross underwriting leverage (GUL) below 2x.
Conversely, Buruj’s rating would be downgraded if:
- There is a sustained reduction in market share,
- Its capital position deteriorates, with significant deterioration in its regulatory capital or GUL increasing to over 3x, or if the credit quality of its reinsurance panel deteriorates,
- There is sustained deterioration in the underwriting performance, as evidenced by a COR sustainably above 100%,
- There is a deterioration in invested asset quality with high risk assets (HRA) equating to over 80% of consolidated shareholders' and policyholders' equity.
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