Karachi, April 7, 2016: JCR-VIS Credit Rating Company Limited has placed the IFS rating of ‘BBB+’ (Triple B Plus) assigned to PICIC Insurance Limited (PIL), under ‘Rating Watch - Developing’ status on account of the public notice issued by Crescent Star Insurance Limited on April 06, 2016, highlighting its prospective merger with PIL. The previous rating action was announced on December 22, 2014.
For further information on this rating announcement, please contact the undersigned (Ext: 508) or Mr. Javed Callea (Ext: 501) at 35311861-70 (10 lines) or fax to 35311873.
Mohammed Khalid Ali
Applicable Rating Criteria: General Insurance (November 2003)
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