CONTACTS:
FOR IMMEDIATE RELEASE
LONDON - SEPTEMBER 07, 2018 08:56 AM (EDT)
A.M. Best has commented that following the close of the merger transaction between Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhinstrakh) (Kazakhstan) and JSC IC Kazkommerts-Policy (Kazkommerts-Policy) (Kazakhstan), on 29 August 2018, it will evaluate the impact of the transaction on Kazakhinstrakh’s Credit Rating (rating) fundamentals. A.M. Best expects to complete its evaluation within the fourth quarter of 2018.
On 6 February 2018, A.M. Best placed Kazakhinstrakh’s Financial Strength Rating of B++ (Good) and Long-Term Issuer Credit Rating of “bbb” under review with negative implications following the company’s announcement of its shareholder agreement to merge Kazkommerts-Policy into Kazakhinstrakh. The merger decision followed the 2017 acquisition of JSC Kazkommertsbank, Kazkommerts-Policy’s former parent, by JSC Halyk Bank, Kazakhinstrakh’s parent.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry.