June 23 the Rating Committee of National Rating Agency “Rurik” has withdrawn the ratings of PrJSC IC “Grandvis” (Chernihiv), according to the website of RA.
The report explains that the rating is withdrawn due to the fact that the borrower fails to provide the necessary information to update the rating or for other reasons.
As earlier reported, on March 7, 2023 RA “Rurik” has confirmed a long-term credit rating of the borrower at the level uaAА of investment category with the “in development” outlook.
Analyzing the results of the company’s activity in 2022, the agency considered as positive the high indices of the company’s liquidity. Thus, the ratio of quick liquidity as of January 1, 2023 amounted to 952% while the recommended 60%. Also the RA noted a high margin of solvency of asset quality, a sufficient level of financial autonomy of the insurer, since the coverage level of assets and insurance reserves by shareholders’ equity amounted to 85% and 1109%, respectively.
The negative factors include low diversification of the company’s insurance portfolio by types of insurance. According to the results of 2022 three largest types of insurance corresponded to 81% of insurance payments, which, as stated, indicates a high dependence of the company on the key areas of insurance activity, its significant costs, given a high specific weight of administrative expenses.
IC Grandvis has been working in insurance market since 1995. It specializes on risk kinds of insurance.
The authorized capital of the company is UAH 14,3 m.
