JCR-VIS reaffirms IFS rating of EFUG at AA
26 August 2009
JCR-VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength of EFU General Insurance Limited (EFUG) at "AA" (Double A). Outlook on the assigned rating is "Stable".
EFUG is one of the largest insurance companies in the general insurance sector, recording the highest market share of business underwritten for 2008. The company is managed by a team of seasoned professionals which has remained stable over the year. While there has been a gradual reduction in the claim prone motor segment over the last three years, exceptionally large losses in the fire segment have continued to undermine result from underwriting operations