CitiInsurance General Insurance had its rating raised in the latest Standard & Poor (S&P) "pi" non-life insurance ratings.
The company went from a BBBpi (good) rating to a Api (strong) rating.
S&P said the rating of CitiInsurance was based on very strong assets and liquidity, strong earnings, good capitalisation and adequate reserves.
The "pi" insurer financial strength ratings are based solely on financial information about the company available in the public domain, and are the opinion of S&P. This differs from the interactive ratings provided by S&P, which involve meetings with company management and broad categories of analysis.
In total, two ratings were raised and three lowered. Mutual & Federal Insurance Company, South Africa, was the other company to have its rating raised.
Chilena Consolidada Seguros Generales, Chile, DAS Deutscher Automobil Schutz Allegmeine Rechtsschutz Vers-AG, Germany and Landschaftliche Brandkasse Hannover, also of Germany, all had their ratings lowered.
