International rating agency «Muhanna» affirmed the financial strength rating of Selecta Insurance & Reinsurance Company Limited at the level of BBB
The Financial strength rating to BBB level has been confirmed to Selecta Insurance & Reinsurance Company limited «a good level of underwriting profitability at the good level» on behalf of international independent rating agency «Muhanna» (i.e. Muhanna & co.)
Mr. Vasily Kozlov the Chief Operating Officer of Selecta Insurance & Reinsurance Company Limited: «Confirmation of the hight rating evaluation on behalf of international independent rating agency „Muhanna“ indicate a steady and proper development of our company, right chosen strategy of growth and established business processes. This rating opens for us new opportunities of cooperation with representatives of insurance and reinsurance companies from Middle-East countries».
The rating evaluation of the company was carried out in several stages, including thought an analysis of data provided and interviews with the top-management of the company and head of directions. Agency reviewed all components of the company including business processes, policy of underwriting, reinsurance policy, profitability, capitalization, backup policies, IT-systems, marketing and promotion of products.
Rating agency «Muhanna» has been established in 2000 supported by the General Arab Insurance Federation. Agency Chairman Mr. Ibrahim Muhanna is a recognized actuary, working with Middle Eastern, European, Russian financial markets.
International Independent rating agency «Muhanna» (www.muhanna.com) it is a largest agency, operating on the territory of Middle East. It produces an annual compilation of Arabic ratings — Digest Arab Insurance Rating (DAIR)