S&P: Eurasia Insurance view to positive

Standard & Poor’s said it revised the outlook on Eurasia Insurance Co. to positive from stable.

The agency also said it affirmed the company’s BB+ long-term counterparty credit and financial strength ratings and the kzAA- Kazakhstan national scale rating.

The outlook revision reflects a view that Eurasia Insurance’s financial risk profile is gradually improving, thanks to the company’s increased level of investments in government and investment-grade corporate bonds, S&P said.

If Eurasia Insurance continues this trend over the next 18 to 24 months, the agency said it projects that the average credit quality of the company’s invested assets will move to investment grade.

This gradual improvement and diversification of invested assets is partially driven by the regulatory restrictions that require the insurer’s exposure to a single counterparty to be at less than 10% of total assets, S&P said.

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