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GCR affirms Occidental Insurance claims rating

Occidental Insurance's business profile was assessed as sound, supported by a well-balanced and consistent earnings stream. FILE PHOTO | NMG
Occidental Insurance's business profile was assessed as sound, supported by a well-balanced and consistent earnings stream. FILE PHOTO | NMG 

Global Credit Rating (GCR) has affirmed Occidental Insurance company national scale claims paying ability of A-(KE) giving it a stable outlook.

The South Africa-based agency has said the insurer reflects strong risk-adjusted capitalisation, supported by limited market risk exposures and well-contained insurance risk.

GCR expects capitalisation to remain strong on account of sound internal capital generation and a conservative dividend policy. The rating is valid until December 2018.

“The insurer’s reinsurance panel reflects a sound aggregated level of credit strength, with maximum net deductibles viewed to be moderately high relative to capital,” the agency said.