OREANDA-NEWS.July 03, 2012. Standard & Poor’s Ratings Services said that it had revised its outlook on Kazakhstan-based Eurasia Insurance Company to positive from stable. At the same time, the “BB” long-term counterparty credit and financial strength rating and ‘kzA’ Kazakhstan national scale rating were affirmed, reported the press-centre of Eurasia Insurance Company.   

The outlook revision reflects our view that Eurasia Insurance Company is gradually improving its competitive position, thanks to its steadily growing international book of business, - stated in the message.

According to the rating agency, Eurasia maintains high operating results and maintained a stable structure and the quality of the investment portfolio. The ratings on Eurasia reflect the high industry and country risks in Kazakhstan and potentially high credit risks stemming from investments in the local banking sector and domestic corporate issuers. These negative factors are partially offset by good capitalization, including extremely strong risk-based capital adequacy, and good operating performance over the past several years.

The positive outlook reflects S&P’s opinion that Eurasia Insurance Company will likely further enhance its competitive position while maintaining its current operating results and its investment profile.

The ratings on Eurasia might be upgraded if the Company further strengthens its competitive standing by increasing premium volumes while delivering sound operating results and maintaining the current investment profile.

S&P can revise the outlook to stable if Eurasia's competitive standing deteriorates due to a significant decline in premiums and the Company subsequently loses its leading positions in the market.

Eurasia, founded in 1995, is a leader in the insurance market of Kazakhstan. Today the Company operates in more than 75 countries and is amongst the 150 largest reinsurers in the world.