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Phoenix rating withdrawn after its acquisition

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GCR in a notification said the rating was withdrawn without affirmation due to information insufficiency and “business reasons”. FILE PHOTO | NMG

Global Credit Ratings (GCR) has withdrawn Phoenix of East Africa Assurance’s national scale claims paying ability rating of A (KE) that has been under review since August following a takeover.

GCR in a notification said the rating was withdrawn without affirmation due to information insufficiency and “business reasons”.

“Accordingly, GCR will no longer provide ratings or analytical coverage for Phoenix Kenya,” the agency said.

Phoenix of East Africa Assurance, now rebranded MUA Insurance Kenya Ltd after acquisition by Mauritian-based Mauritius Union Group in an email response on Thursday said the withdrawal was as a result of a decision to defer renewal until the rebranding process is completed.

“We wish to confirm through the time we were registered by GCR we were consistently A rated.

However, this year we were rebranding to unify the various subsidiaries under one brand, hence a decision was made to defer renewal until the rebranding process was complete,” said Phoenix management.

The management said the rebranding process is expected to bring together markets in the Indian Ocean and East Africa boosting the MUA Kenya brand to become competitive and visible brand.