KARACHI: Noted investor of Abu Dhabi and Chairman of the Deevar Group of Companies Shaikh Rashid Haran Saeed Alketbi has congratulated Chairman of United International Group (UIG) Mian MA Shahid for getting upgraded rating from leading credit rating agency.
The Pakistan Credit Rating Agency (PACRA) recently upgraded the (Insurer Financial Strength) IFS rating of The United Insurance Company (UIC), a member of UIG to “A+” (Single A Plus).
In his message to Mian Shahid, Haran said that the upgrade is result of leadership qualities and teamwork which has transformed the company in short span.
He said that the rating is acceptance of the UIC strength as it has crossed mark of Rs 2 billion premium, it also indicates consistent growth and strong capacity to meet policyholder and contract obligations, he added.
The foreign investor said that the rating reflects UIC’s strong risk absorption capacity and healthy liquidity profile which is direct result of vision of the Chairman UIG Mian MA Shahid.
The low loss ratio, concentrated marketing efforts, superior underwriting performance compared to peer and improved control environment has boosted the company, he said.
Haran hoped that UIC would continue its journey towards new heights, introduce new products at home and abroad and earn more credibility in the years to come due to best business practices.
It will continue to grow, improve strength and play an important role in the national development, the foreign investor said.