AM Best Places Credit Ratings of Kommesk-Omir Insurance Company JSC under review with developing implications

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LONDON–(BUSINESS WIRE)–AM Best placed under review, with development implications, the financial strength rating of B- (fair) and the issuer’s long-term credit rating of “bb-” (fair) of Kommesk-Omir Insurance Company JSC ( Kommesk) (Kazakhstan).

The credit rating (rating) actions follow the announcement on October 3, 2022 that Kommesk’s shareholders and board of directors have decided to transfer the company’s non-life insurance portfolio. Going forward, Kommesk will focus on developing life insurance products based on the existing portfolio currently underwritten by its life insurance subsidiary, Centras Kommesk Life JSC (Kommesk Life). Kommesk plans to apply for a life insurance license and take over Kommesk Life’s business.

The status under review with developing implications reflects uncertainty regarding the impact of these changes on Kommesk’s rating fundamentals, including the future strength of its balance sheet and operational performance assessments.

AM Best will lead discussions with the company‘s management team regarding its strategy and business plans. Ratings are expected to be removed from review upon closing of transactions and completion of AM Best’s analysis.

This press release relates to credit ratings that have been published on AM Best’s website. For all rating information relating to the publication and relevant disclosures, including office details responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For more information on the use and limitations of credit rating opinions, please see Best’s Guide to Credit Ratings. For more information on the proper use of Best’s Credit Scores, Best’s Performance Ratings, Best’s Preliminary Credit Ratings, and AM Best’s press releases, please see the Guide to Proper Use of Best’s Best ratings and reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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