OREANDA-NEWS. National Rating Agency has withdrawn its reliability rating and its credit rating on LEMMA IC PJSC due to expiry of the rating contract.

On withdrawal, the company's reliability and credit ratings are 'CC+' and 'iC' respectively.

The company has not provided its 1Q 2015 financials. In 2014, it wrote around USD 2.8 million in premium and paid out around USD 94 thousand in claims. Its 2014 net profit of USD 5.7 million was mostly due to the release of insurance reserves.

LEMMA IC was assigned NRA's individual reliability rating of 'A+' and credit rating of 'iBB' in July 2013. In March 2014, the reliability rating was lowered to 'A' and the credit rating was downgraded to 'iBB-' with a negative outlook. In October 2014, the ratings were lowered to 'A-' and 'iB-' and in January 2015, to 'BBB+' and 'iCCC+' respectively.